Why You Need to Have a Plan in Place for Long Term Care

Since the U.S. Department of Health and Human Services shared that nearly 70% of Americans who are turning 65 will need long term care at some point, there is a good opportunity for planning ahead for your own future. The costs associated with long term care are not limited to medical care alone, as you could need support with basic activities in daily living like dressing, eating, using the toilet and transferring to and from your bed. This frequently means requiring custodial care, which means people who can help you with medications or help preparing meals or even a skilled care professional such as treatment by a licensed nurse or therapist.

The cost for these services vary tremendously, depending on where you are currently living and how you are receiving care. But the national median rate for a home health aide was $20 per hour. One day at an adult daycare center was $68. Spending one month in an facility for assisted living costs more than $3600 and a private room in a nursing home was $253 per day. If you expect that Medicare or Medicaid will automatically step in to pick up the tab for your long-term care services, you need to do some research.

If you have a high level of assets, these could be decimated by having to pay for long term care expenses and you are unlikely to qualify for Medicaid without a plan in place. Purchasing long term care insurance and taking advantage of other opportunities can give you peace of mind that you’ll be able to leave behind assets for your beneficiaries.

Speak with your Virginia Beach estate planning lawyer to learn more.