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How to handle long-term care needs

On Behalf of | May 3, 2017 | Firm News, Long Term Care Planning |

Ohio residents may be able to live for 20 or 30 years after they retire thanks to advances in technology. While living longer may be a nice thought for many, it also means additional financial planning as well as planning for long-term health care needs. People of the age of 65 have a 70 percent chance of eventually needing some sort of long-term care, according to the U.S. Department of Health and Human Services.

According to a survey conducted by Genworth, the median national monthly cost for adult nursing care is $7,698. Those who choose to receive care at home should expect to pay $3,861 a month, and the costs for both are increasing. While Medicare will cover some of the costs, there may still be expenses that an individual will need to cover.

Those who choose to use Medicaid may have to spend down all of their assets, which could also be a problem for many people with long-term care needs. For many people, the answer to this problem is to buy long-term care insurance. Premiums generally go up as people age, and they are capped at a predetermined maximum. The policy will pay out when an individual needs help with two of six activities such as bathing or eating.

Individuals may wish to prepare for future medical needs by purchasing a long-term care policy. It may be part of an estate plan or purchased as a standalone item. Those who wish to include it as part of an estate plan may wish to talk with an attorney as to how that may happen. Talking with legal counsel may also be beneficial for those who would like help paying for medical care without having to liquidate their assets.

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