Gayle Reeves' Blog

Planning for Long Term Care

Gayle A. Reeves - Wednesday, April 30, 2014

While no one I know has ever said I want to spend the rest of my life in a nursing home, few people actually take the time to plan for long-term care. This planning is important because a person age 65 or older has at least a 50% chance of dealing with a disability within their family.

While decisions and planning with regard to long-term care are never easy to make, it is much more difficult to make them in a crisis situation. By planning ahead you can make a very difficult time much easier for your family members and friends. Some considerations are where do you want to be cared for, whom do you want to provide the care, and whom do you want to be responsible for making the care arrangements for you. One of the major concerns people have is how their care will be paid.

Paying for Long-Term Care

There are five sources from which long-term care generally is paid: personal funds, long term care insurance, VA benefits, Medicare, and Medicaid. As long as you have available funds, and do not meet the criteria for payment from another source, you are expected to pay for your long-term care until your personal funds are almost depleted. The biggest concern for married couples is leaving their spouse without enough money to live on.

Planning for long-term care should include a review of your financial situation, a review of your medical status, a determination of your current needs, and a projection of your future needs. Only than may a plan be tailored to meet your needs now, and in the future. By planning now will you be able to preserve your assets, provide for the care you want to receive, and maintain your independence.

For more information on ways to protect your assets from the high cost of long term care contact Gayle A. Reeves, Co., L.P.A., Attorney at Law, at (440)967-6565. Attorney Reeves is located at Vineyard Square Plaza, 1607 State Route 60, Suite 10, Vermilion, OH. www.gayleareeves.com Member of the National Academy of Elder Law Attorneys