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Home » Elder Law » How Will You Pay For Long-Term Care?

How Will You Pay For Long-Term Care?

March 27, 2012 by John Potter

Pragmatism is key if you want to be truly prepared for the eventualities of aging. Some contingencies are not especially pleasant, but they are realities all the same and you have to take appropriate action.

It may be difficult to envision a time when you cannot take care of all of your day-to-day needs on your own, and this can lead you to think that you need not concern yourself with the possibility of long-term care expenses.

In fact, the United States Department of Health and Human Services tells us that most people who live long enough to attain senior citizen status will in fact need long-term care eventually.

If you combine the average cost of residence in an assisted living community or a nursing home with the typical length of stay, the total expense may exceed $200,000. Most people need some advance preparation to be able to absorb such an expense comfortably.

Many people will do what is necessary to qualify for Medicaid to pay for long-term care, but this requires some careful planning. Others will purchase long-term care insurance. And of course, you may be fortunate enough to be able to pay for long-term care out-of-pocket if you plan ahead intelligently.

The best way to prepare yourself is to engage expert assistance. If you’re ready to get started, right now would be a good time to pick up the phone to arrange for a consultation with an Ashland, Kentucky elder law attorney.

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John Potter
John Potter
John Potter is an Estate Planning and Elder Law attorney in the Charlotte, North Carolina, area with offices in Ballantyne and Huntersville. John has been designated as a Certified Elder Law Attorney (CELA) by the National Elder Law Foundation and a Board Certified Specialist in Elder Law by the North Carolina State Bar.

John’s practice focuses on the use of Wills and Living Trusts in Estate Planning to help individuals protect their families and preserve their legacies after their deaths, but his practice also focuses on the critical issues of protecting individuals with dementia or other diminished capacity, assisting individuals in qualifying for Medicaid and other government benefits to offset the costs of long-term care, and providing special needs planning.

John is admitted to practice law in North Carolina, South Carolina, Kentucky, and Ohio, and he is accredited by the Department of Veterans Affairs.
John Potter
Latest posts by John Potter (see all)
  • What You Need to Know about the Medicaid Look-Back Rule - January 3, 2023
  • How to Pass Down Your Legacy in Your Estate Plan - October 3, 2022
  • Practical Steps to Take after Receiving a Terminal Diagnosis - September 30, 2022

Filed Under: Elder Law Tagged With: Long Term Care, Long-Term Planning, Retirement Planning

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