Long-term care planning can be like exercise. It is one of those things we put off; we worry about staying healthy, and we always regret not exercising when we pull a muscle or we cannot do an activity because we are not in good shape.
We need peace of mind knowing we will be safe. We need to know how we are going to pay for health care if something happens we do not expect. Some of our clients are really surprised when we go over the cost of long-term care.
The annual rate for a private room in a nursing home is around $85,000. Some individuals might have $85,000 they can spend on health care. But would you rather keep that money and still receive the care you need? We can help you accomplish this goal.
The Department of Health and Human Services estimates 70% of all people over age 65 will need some type of long-term care.
In 2010, the Alzheimer’s Association published a report titled; “Alzheimer’s Disease Facts and Figures” exploring different types of dementia, causes and risk factors, and the cost involved providing health care.
Alzheimer’s is growing at a rapid rate and has increased by 46% as a cause of death, while causes of death from prostate cancer, breast cancer, heart disease and even HIV are all declining.
An estimated 5.3 million Americans have Alzheimer’s disease. One in eight people aged 65 and older have Alzheimer’s disease. Also, if you or your spouse is diagnosed with Alzheimer’s, the average life expectancy is five years and the average cost over those five years is $500,000.
It’s important to us to support ourselves and live a long life. We also want to leave something to our families after we pass away. The reality is, the assets you are hoping to leave to your family are at risk if your health fails.
So how do you plan for long-term care? You can implement a legal plan to protect your assets from creditors and purchase long-term care insurance.
Many individuals might know some of the asset and income requirements for Medicaid. Some individuals see these numbers and think, “I do not qualify for Medicaid because I have a house or investments.”
We have many clients with substantial assets and income that qualify for Medicaid because we help our clients understand the rules and exceptions.
You should think about qualifying for Medicaid like paying taxes. Why do the richest Americans pay the least amount in taxes? It is because they know the rules. You might qualify for these programs even if you have assets, income, and your own home.
If you or a family member is approaching their later years and want the comfort of knowing that their health and their assets will be protected in the future, call our office for a valuable consultation regarding long-term care planning.