Long Term Care
As members of the baby boom generation near retirement age, we're finding that the world is a different place than it was when our parents reached retirement. Statistics show that we are living much longer lives. Some of us may continue to work long past the age when our parents retired. Once we “retire,” many of us go on to encore careers, volunteering for our favorite cause, or traveling. Financial management and investment company advertisements appeal to this future — remember the TV ad depicting retirement in a wine grape orchard in Italy?
What we don’t like to think or talk about is the very last phase of our lives. When we do consider it, we often think about doing a will or who we want to be our executor. The problem is that, while we are living much longer, we are not necessarily healthier. We all have a fairly good chance of needing long term care.
There are three main ways of paying for long term care. One is to have the private funds. Of course, it is hard to imagine being able to save enough money to pay $3,000 to $12,000 per month in care costs. Then there’s long term care insurance. For those of us who were able to purchase it years ago, long term care insurance can be life- and money-saving. These days coverage is getting more restrictive and premiums can be expensive.
For the rest of us, government programs are available. The two main programs are pension benefits from the Veterans Administration, and long term care benefits from the Medicaid program. Here’s a secret — these programs are available to many more people than you might think, especially to married people. These programs are very complex, and the requirements for receiving benefits change often. That’s where an elder law attorney can help you chart the future. The prospect of paying for long term care doesn’t have to be frightening. As with anything, planning ahead now is the best way to prepare.
The information contained in this article is intended for general informational purposes and should not be considered legal advice. Legal advice can only be given with a full understanding of a particular client’s facts and circumstances and an examination of all relevant personal documents already in existence; if you have specific legal questions you should consult a licensed attorney in your area.
