Planning for Long-Term Care
Most individuals need some level of long-term care as they age. The level of long-term care depends on a person’s health and mental condition. Some individuals may require extensive personal and medical care as they age, while other individuals may only require limited assistance with the activities of daily living (ADLs).
Planning for long-term care is an essential element of estate planning. Long-term care can be costly. Working with an experienced Maryland elder law attorney can help ensure that you have the resources and funds available to pay for long-term care.
What is Long-Term Care?
Long-term care may include a variety of services to help an individual with his or her personal care or health care needs. The intent is to allow the person to live as independently as possible, but remain safe. The care may be provided by a variety of persons or service providers in a variety of settings.
For example, a person may receive care at home from a family member or a trained in-home health care provider. Some individuals may live in an assisted living facility where they receive some assistance with ADLs, while other individuals may require nursing home care for 24/7 personal and medical care. In between assisted living and nursing home care, you also have adult daycares to provide supervision for individuals who cannot be left alone.
How do You Plan for Long-Term Care?
Most people require long-term care when they have a permanent disability, mental incapacity, or health condition that prevents the person from caring for his or her needs. Long-term care planning involves developing a plan to pay for required care.
Because no one can know for sure whether they may need long-term care or the level of care they may require, planning generally assumes that a person may require residential care in a nursing home. It is typically best to plan for the worst-case scenario so the funds and resources are available should that need arise.
There are several ways to pay for long-term care. Personal funds and resources may be used to pay for services. However, long-term care can cost thousands of dollars a month. The average cost of nursing home care in the United States is $8,517 per month. Therefore, many people may not have the resources to pay for long-term care.
Long-term care insurance is another option for paying for care in a nursing home or at home. However, long-term care insurance policies vary, and the premiums may be too costly for some individuals. Medicaid planning is another way to pay for nursing home or long-term care. Individuals must meet income and asset restrictions to qualify for Medicaid. An elder law attorney can assist a person in developing a plan that protects assets, but allows the person to qualify for Medicaid should the need arise in the future.
With careful planning, a person can prevent their assets from being liquidated to pay for care or being seized after their death to reimburse the state for care. Long-term planning helps protect a person’s legacy for future generations.
Contact a Maryland Elder Law Attorney for Help
If you have questions about long-term care planning, contact a Maryland elder law attorney. An attorney can help you identify your goals and devise a plan to meet those goals and needs.
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