Key to Deciding How to Pay for Long-Term Care Is Understanding the Options

Hook Law Center (formerly Oast & Hook)

Hook Law Center (formerly Oast & Hook)

Virginia Beach, VA (Law Firm Newswire) December 21, 2015 – There are a number of options when preparing for long-term care, which will be needed by up to 70 percent of individuals age 65 or older, according to the Department of Health and Human Services (HHS).

The HHS predicts that 20 percent will require long-term care for over five years.

Long-term care can include 24-hour supervision or help with personal care and other responsibilities. Whatever kind of long-term care required, it is advisable to plan for one’s health and well-being long before retirement. Long-term care is usually defined as the services needed to manage essential activities on a daily basis, or rehabilitation that lasts more than 90 days. These kinds of services are normally given in one of three different types of environments, including assisted-living facilities, nursing homes or one’s home.

“In preparing for long-term care, it is imperative that one act quickly so as to protect assets, ensure the security of a spouse and safeguard an inheritance for heirs,” said Andrew H. Hook, a Virginia elder law attorney with Hook Law Center, with offices in Virginia Beach and northern Suffolk.

The cost of long-term care is dependent on the type of services provided and the place where one receives such services. According to HHS, while the average monthly cost of a private room in a nursing home was $6,965 in 2010, the cost of a semi-private room was approximately $6,235. And the average cost of monthly care in a one-bedroom apartment at an assisted-living facility was $3,293. While women generally require long-term care for approximately 3.7 years, men need long-term care for about 2.2 years on average.

Some seniors will be able to pay for long-term care from their savings, but many will need to consider other options. Long-term care insurance can pay for many types of long-term care, including nursing home care, assisted living and in-home care, depending on the policy. Medicare generally doesn’t cover room and board for long-term care stays in a nursing home, but it covers doctor services and hospital visits. Nursing home care can be paid for by Medicaid for those who satisfy income and asset requirements. In some cases, one may decrease one’s assets in order to qualify for Medicaid, while using estate planning tools to protect those assets.

Learn more at http://www.hooklawcenter.com/

Hook Law Center
295 Bendix Road, Suite 170
Virginia Beach, Virginia 23452-1294
Phone: 757-399-7506
Fax: 757-397-1267

SUFFOLK
5806 Harbour View Blvd.
Suite 203
Suffolk VA 23435
Phone: 757-399-7506
Fax: 757-397-1267
http://www.hooklawcenter.com/

  • Financial elder abuse may be fastest growing type of crime in U.S.
    Financial elder abuse has been described as the fastest growing type of crime in the U.S. To avoid having this happen with your senior loved one, it is important to be aware of the dangers. A study conducted by the Journal of General Internal Medicine revealed that 60 percent of the Adult Protective Services (APS) […]
  • How caregivers can deal with behavioral changes of loved ones with dementia
    There is ample research to suggest that family caregivers are more distressed by behavioral problems and changes in the personality of their loved ones than by their physical disabilities. For instance, while it may prove challenging for family members to physically pick up the body of a loved one who has suffered a stroke and […]
  • Financial elder abuse may be fastest growing type of crime in U.S.
    Financial elder abuse has been described as the fastest growing type of crime in the U.S. To avoid having this happen with your senior loved one, it is important to be aware of the dangers. A study conducted by the Journal of General Internal Medicine revealed that 60 percent of the Adult Protective Services (APS) […]
  • A retirement savings account can include health savings accounts
    As companies divert the costs of health insurance to their employees, health savings accounts (HSAs) and health reimbursement accounts (HRAs) have become increasingly popular. According to the Employment Benefit Research Institute (EBRI), adults in the U.S. retained $23.8 billion among 11.8 million HSAs and HRAs. This represents an increase of 2,725 percent from 2006. HSAs […]
  • What men can learn from women about saving for retirement
    Although men’s 401(k) balances tend to be larger than women’s, there is evidence to suggest that women may outperform men where retirement planning is concerned. Vanguard observed that at the majority of income levels, women are more inclined to take part in their employer’s 401(k) plan, more inclined to enroll in the plan on a […]