When it becomes necessary to put family members in long-term care facilities, we expect our loved ones to be treated well.
Unfortunately, a recent study by AARP revealed that cities such as San Antonio and all throughout the state of Texas ranked towards the bottom (35th overall) for quality of life and care in this category.
According to the U.S. Administration on Aging, an estimated 69 percent of Americans age 65 or older will need some form of long-term care. Most typical health insurance plans do not necessarily provide for long-term healthcare requirements. As a result, many individuals struggle with finding the funds to pay for long-term care’s costs.
Types of Care
Generally, there are four types of long-term healthcare:
- in-home services
- residential facilities
- adult daycare
- rehabilitation facilities
Regardless of the type of care you need, long-term care (LTC) can quickly deplete the savings in just about any bank account.
Long-Term Care Insurance
Long Term Care (LTC) Insurance has been one of the fastest-growing types of insurance sold in recent years. However, it is often prohibitively expensive and does not always cover what you think it does. It is important to read the information carefully before you buy. Let a lawyer review all documents before you authorize any payments.
There is a multitude of other options for paying for long-term care.
Investments can often be the source of funding for LTC. This allows you to enjoy the liquidity of your assets up until the point you start paying for long-term care. By engaging in proactive estate planning, monies can be allocated for the future if there is a chance that LTC will be required.
Clients who fear the future of long-term care should seek the advice of an elder law attorney. The laws, regulations, and policies governing the Medicare and Medicaid programs are always changing. Experienced attorneys can help devise asset protection plans well before the need for long-term care arises.
The attorneys at the Voeller Law Firm have over 35 years of experience helping families plan for their golden years while safeguarding assets for future generations.
Call us today at the Voeller Law Firm to schedule a free consultation at (210) 651-3851 and get started putting your estate planning strategies in place.