Every year, the cost of long-term care services, including in-home nursing and assisted living, continues to climb. Many families are saddled with debt or forced to sell sentiments and assets they intended for loved ones to inherit, just to cover the cost of facility living. Unfortunately, private health insurance and Medicare do not cover the cost of assisted living, personal care, nursing home expenses, or a home health aide. This is because those prescribed services encompass more than just medical care, such as meal prep and assistance with basic housekeeping tasks. Because health insurance will not cover costs, some families and couples look to long term care insurance to meet the gap. Unfortunately, while it might seem like an attractive alternative, it is often too expensive or too exclusive to meet the needs of many seniors.
Paying for Long-Term Care in Kentucky
Fortunately, adequate and comprehensive long-term care planning with an experienced elder law attorney can help seniors identify a solution that works for them. One option many families consider is applying for long-term care Medicaid benefits. In addition, some families might place assets like real estate in an asset-protection trust or explore fixed-income planning. The key is discussing long-term care needs before an emergency arises in which a senior needs round-the-clock care immediately, and is therefore left with limited options. No long-term care plan is the same for each senior, but it is crucial to investigate a solution that works for finances and health concerns.
Tips for Discussing Long-Term Care with Aging Parents
It is difficult discussing finances and the prospect of getting older with aging parents, but it is reality. No one wants to face the idea of losing independence or mobility, but talking it over and deciding what is a priority now can eliminate the need for difficult, painful decisions later. Maybe you are willing to act as primary caregiver for your parents, but they do not know it yet. Or perhaps your parents are excited about the prospect of living at a new retirement community with the option for enhanced assisted living, but it requires assistance or sacrifices in daily living to afford the cost. Whatever your family chooses, having a frank discussion about long-term care options is beneficial for everyone.
Contact the Northern Kentucky Long-Term Planning Experts at Darpel Elder Law
Deciding to purchase long-term care insurance is a personal decision, but families and couples should act diligently, as the cost rises steadily with age. In addition, seniors over 70 may not qualify for coverage at all. Other applicants with severe disabilities or pre-existing conditions may also be denied coverage or offered coverage at an extremely high rate. Not to fret, because long-term care insurance is only one piece of the elder care puzzle. Even if you do not qualify for long-term care insurance, you still have strategic planning options to choose from. Our elder law attorneys at Darpel Elder Law can help you decide if forming a trust or preparing to apply for a long-term care Medicaid benefits can help you identify a long-term care planning solution. We are here to help, and are dedicated to providing customized, individual options for all our clients. Call today to schedule a consultation.