Time To Consider Future Care Needs?

Recent studies show that if you’ve reached the age of 65, you have a 50/50 chance of needing some form of long-term care in the future. For women, odds are slightly higher. There are different types of long-term care, including skilled nursing care, assisted living communities, residential care facilities for the elderly (RFCE’s or “board and cares”) and in-home custodial assistance. Although most people want to live in their own home as they age, the care needed can be extensive, often making in-home care unaffordable for the long-term.
The average stay in a long-term facility is 2.5 years for women, and 1.5 years for men. In California, the average cost of a skilled nursing facility exceeds $10,000.00 per month, or $120,000.00 per year. Insurance, including Medicare, will only pay a maximum of 100 days if specific circumstances are met.
I have found that many people are confused about the government’s role in paying for long-term care expenses. In a recent survey, two-thirds of respondents said they expect government programs to cover all or part of their long-term care costs. This is simply not the case.
Medi-Cal (Medicaid in other states) can assist with the expenses for skilled nursing care. There are many “tools” elder law attorneys can use to assist in Medi-Cal eligibility and asset protection. It is a good idea to have a conversation with your attorney, and see if these issues are covered in your estate plan. Does your Trust, Power of Attorney, and other legal documents help in the event of expensive care needs and catastrophic illness? If you are not sure, ask. This issue is simply too important to put on the back burner.
For more information, please contact the McNamara Law Firm at (661) 287-3260, or visit theMcNamaraLawFirm.com.