Last week USA Today published an article about the importance of planning ahead for the possibility of long term care. They tell the story of a woman named Karen Thompson who’s mother was diagnosed with Alzheimer’s disease and told she could not return home. Since the family had never discussed possible long term care options, their options were limited. Karen’s mother was put on a wait list for Medicaid and had to pay privately for her care. She moved into an assisted living and Karen and her husband spent $1,000 each month to help pay the expense. Karen even ended up switching careers so that she could work less hours and have more opportunities to visit her mother. At her new job she played a key role in starting a long-term care insurance plan for the employees because she realized the importance of this after dealing with her mother’s situation. The article states that, “At least 70% of people who are over age 65 are going to need long-term health care, research shows.” Although expensive, long term care insurance can be helpful in the long run. It is also helpful to become knowledgeable about the different long term care options that are available. In addition to Nursing Home Care, Home Care may also be an option and is often less expensive.
Planning for long term care includes both financial and legal aspects. Contact us at (631) 424-2800 to discuss how to establish a long term care asset protection plan.
To view the entire USA Today article please visit: http://www.usatoday.com/story/money/personalfinance/2013/05/28/long-term-care-options/2144929/