As your loved ones age, it is important to start considering long term care options. The sooner that you consider the various options that are available, the better prepared you will feel when the time comes. While individuals of advanced age may have a deep desire not to feel like a burden to their children later in life, they may not have taken any concrete steps to put a serious plan into action.
The experienced elder law attorneys at Hammond and Associates are knowledgeable about the various options that may be available to you and your loved one. Contact us at 240-200-5222 to schedule a confidential appointment or fill out a contact form.
Long Term Care Insurance
One option that is available to many individuals and couples is the purchase of long term care insurance. This special insurance product helps to pay for the often cost-prohibitive expenses associated with long term care.
Current estimates are that 70 percent of individuals aged 65 or older will need some type of assisted care or long term care. The typical individual needing such care requires it for three years. Approximately 20 percent of people require such care for five years or more. This care from an assisted living facility comes at a hefty price tag of approximately $4,000 a month in Maryland. If the individual is housed at a nursing home, a person may run up bills of $12,000 a month.
Long term care insurance helps provide for these expenses. When someone needs to find a safe place for their loved one to go, they do not want their options limited by the average cost. Long term care insurance provides the best rates when it is purchased when a person is younger (usually in their fifties) and in relatively good health. This helps secure premiums at a lower rate than if the individual waits to buy insurance later in life or after a health crisis. Different policies provide different coverage. Some include in-home care while others specify only nursing home coverage. The policy may include an annual or lifetime cap.
Medicaid may help pay for long term care. However, the Medicaid program is quite complex and requires that individuals fall within certain requirements related to their income and assets. Unfortunately, someone cannot simply transfer assets out of their name in order for Medicaid to start contributing to the cost of care because there is a lookback period for certain transfers. This is because the government expects the individual to exhaust his or her own personal assets before relying on the government’s assistance.
Elder Law Attorneys in Maryland
An elder law attorney can discuss how Medicaid may be able to assist and whether a trust, annuity or other strategy can help protect a person’s assets without making him or her ineligible for Medicaid assistance. An elder law attorney can help piece together a plan that can help preserve capital for the surviving family members while also being able to provide for a loved one through his or her time of need. It is important that families talk about plans regarding elder loved ones and how their needs can be met.
Contact us online or call us at 301-861-4555 so that we can discuss your options.