What Do You Know About Long-Term Care?

Lincoln Financial Group recently completed a study showing that only 16% of adults are familiar with the benefits and features of long-term care solutions. Long-term care refers to needs typically handled inside a nursing home or other health care facility for someone who is unable to complete activities of daily living.

Long-term care solutions, such as a long-term care insurance policy, may help give you peace of mind and a clear plan for what to do if you are affected by a health issue, such as an illness or an accident.

Given that one in four Americans will deal with a disability that may prompt long-term care coverage at some point in their life, it is crucial to work with a qualified professional to discuss the possibility of these costs in the future. In Virginia, you may not automatically qualify for Medicaid. This is a big reason why you’ll want to find time to speak with a Virginia Beach elder law attorney to discuss your options.

This is especially important for married couples since both of you may be relying on the same retirement resources. The sudden need for long-term care support, which can cost tens of thousands of dollars per month for assisted living facilities or nursing homes could decimate a couple’s retirement savings strategy. Finding a lawyer who can help you work through long term care concerns and other elder law needs will help give you clarity on the options available to you so that you can pick a strategy that is most aligned with your concerns.