When you examine the issues that our nation’s senior citizens are facing at the present time, the cost of long-term care is something that really stands out. According to the United States Department of Health and Human Services approximately 7 out of every 10 people who reach the age of 65 will someday need long-term care of some kind. This includes in-home care as well as residence in a nursing home and/or an assisted-living facility.

The costs of such care are steep. The national average for a year-long stay in a private room in a nursing home in 2010 was over $83,000, and the same period of time residing in an assisted-living facility came with a price tag of almost $40,000. For many people these types of expenses are a source of concern, and there are a handful of ways that people typically address them.

Long-Term Care Insurance

Purchasing long-term care insurance is one way that you could plan ahead for future eventualities. The good news is that this type of coverage will pay for the care that you need if you find the right policy; the bad news is that it is very expensive and it gets more so as you get older.

Medicaid

There are people who assume that Medicare will pay for long-term care, but the fact is that it does not. However, Medicaid will pick up the tab if you qualify, and it is possible to meet the eligibility requirements and still maintain ownership of your home and other valuable personal possessions.

Veterans Aid and Attendance Pension

Another way that you may be able to address the high cost of long-term care is with the assistance of a military benefit that is called the Veterans Aid and Attendance Pension. If you served in the armed forces for at least 90 days with a minimum of one of these days taking place during a time of war and you need assistance with your day-to-day personal needs you may qualify. If you are eligible, the monthly benefit for a single veteran can reach $1,632 per month, and almost $2,000 per month for a married couple. This can certainly make a big difference if you are on a tight budget.  For many, it means the difference in being able to afford assisted living care, or living at home without the assistance that they need.  If we can help, please feel free to call our office.

Tags: Elder Law, Estate Planning, Long Term Care