Many baby boomers are concerned that a long-term illness could wipe out their retirement savings. That's because skilled nursing and assisted living can be very expensive, and Medicare only covers a limited amount of the expenses. The annual cost of long-term nursing care can range anywhere from $60,000 to $93,000. With proper planning, however, there are some resources to make long-term care for Ohio families a lot more affordable.
A traditional long-term care insurance plan can be powerful financial protection against unexpected illnesses or chronic conditions. Premiums get less expensive the younger and healthier the person is. However, it's important to obtain a policy that covers both in-home and assisted living care. Hybrid life and annuity policies can have a provision that provides money for long-term care in certain events. The amount of funds available is usually limited.
Veterans with long-term care needs may be able to take advantage of aid and attendance benefits from the VA. More than $20 billion is available for both veterans and their spouses. In some states, individuals may qualify for benefits from Medicaid when facing a long-term illness or chronic disorder. It may be necessary for some people to spend down in order to be eligible. Each state has different policies regarding Medicaid.
When making provisions for in-home nursing care or assisted living expenses, families may benefit from the support and guidance of an attorney. Law practices that specialize in long-term care planning can often help families locate resources that they may have otherwise missed. While it's better to start planning at a younger age, it's never too late for individuals and families to start making plans for the unexpected.