Longer lives are among the greatest achievements of our modern era. Advances in healthcare and other progress related to human safety have resulted in what the United Nations says is one of the most significant social transformations of the 21st century.
However, with the success of longer lives come problems that catch most of us off-guard. According to a study by the U.S. Department of Health and Human Services, 70% of Americans over the age of 65 will need long-term care services at some point in their lives. Few families are in the position of being able to step-up and take over the care of their elderly loved ones, so they must seek outside help.
Unfortunately, many wait until their loved one is in full-blown crisis to seek long-term care assistance. Making decisions in this way can be fraught with emotion and very expensive. That is why we highly recommend that our clients not wait until their parents are in dire need to begin the long-term care planning process. If you are struggling with finding and paying for the right long-term care option for your parent, here are some things you need to consider.
Appropriate Level of Care
Long-term care encompasses many different levels of care, so it’s important to match up the facility with the individual needs of your parent. Different types of facilities include skilled nursing facilities, custodial care facilities, and intermediate care facilities. While it’s not always possible to plan ahead for nursing home care, it is a good idea to become familiar with some of the long-term care facilities in your area and select the ones that you and your parent would prefer. When the time comes for long-term care, an elder law attorney can assist you in determining the level of care required for your parent and work with the long-term care facility of your choice.
Paying for Long-term Care
You will also need to think about how to pay for your parent’s long-term care. Facilities can cost anywhere from $5,000 to $10,000 per month, depending on the level of care required. Long-term care insurance policies may help defray some of these costs, but very rarely do those policies cover the entire amount needed. Special benefits are available to veterans through the VA, and Medicare may help pay for a very limited amount of time in a nursing home based on the illness/injury. Medicaid is the most common option to help pay for long-term care, but there are strict eligibility requirements attached to that assistance, and it is very easy to become disqualified from that care if your parent exceeds asset or income limits without the proper planning in place. It is important to speak with an elder law attorney to review your available options and determine the best course of action to pay for your parent’s long-term care.
Planning ahead for long-term care can make a world of difference in your life and contribute to the comfort of your parent when the time comes. If you would like to start this conversation with an elder law attorney who has extensive experience helping people find the best long-term care solutions, call our office and schedule a consultation.