Kathryn T. Joseph & Associates, Inc.
216-245-0504

Tips for long-term care planning

Ohio adults might want to think about long-term care planning since, according to the U.S. Department of Health and Human Services, around 70 percent of people at or older than 65 will need some type of long-term care. Women are more likely than men to end up in a long-term care facility.

Unfortunately, it can be difficult to make long-term care plans because nursing homes are so expensive, costing more than $97,000 annually on average, and the long-term care insurance industry is in flux. Very wealthy individuals can simply pay out of pocket. People who have little in savings may be planning to run out of assets and allow Medicaid to pay for the costs, but this is not a very secure plan.

Premiums are on the rise because long-term care has proved to be so expensive. Therefore, rather than buying enough insurance to cover the entire cost of long-term care, people might want to think about making up the difference. For example, people might calculate what long-term care will cost monthly and subtract their Social Security payments and other income to figure out how much is needed. Traditional long-term care insurance can be useful, but it is also expensive and its premiums can go up at any time. Other options include riders on life insurance and an annuity with a long-term care rider.

The landscape of long-term care planning is complicated, and people who are looking for options for themselves or their family members might want to talk to an attorney. These situations can become complex if a person has become cognitively incapacitated and a guardian must be appointed or other steps taken so that another individual can take over medical decision-making. An attorney might also be helpful in getting documents in order before this occurs that appoint people to handle medical and financial matters.

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Kathryn T. Joseph & Associates, Inc.
Executive Commons West
29425 Chagrin Blvd.
Suite 305
Cleveland, OH 44122

Toll Free: 888-335-6650
Phone: 216-245-0504
Fax: 216-765-8817
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