Long-term Care: Are You Prepared?

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In this presentation we will look at a number of things that you need to know about long-term care.

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Presentation Transcript

Are You Prepared?:

CARE Are You Prepared? LONG-TERM

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Elder law attorneys help people who are trying to prepare themselves for their twilight years

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Long-term care is one of the primary concerns

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In this presentation we will look at a number of things that you need to know about long-term care

Who Will Need It?:

Who Will Need It? Who Will Need It? 1 The majority of senior citizens will eventually require long-term care

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According to the United States Department of Health and Human Services 70 % of Americans will need long-term care eventually

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Clearly, this is something that is relevant to each and every one of us

How Expensive Is It?:

How Expensive Is It? 2

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A stay in an assisted-living community or a nursing home is very expensive

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In 2012 the average annual expense for a private room in a nursing home in the Minneapolis area was over $ 90,000

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A month in an assisted-living community averaged $ 3185

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This is about $38,000 a year A month in an assisted-living community averaged $ 3185

What Is the Typical Length of Stay?:

What Is the Typical Length of Stay? 3 A government survey concluded that the average length of stay is around two years and three months

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10 percent of people residing in nursing homes will stay in the homes for at least five years

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An average stay in a nursing home in Minneapolis could generate around $200,000 in costs

Medicare Pays That, Right?:

Medicare Pays That, Right? 4 When you hear about the high costs associated with long-term care you may be unconcerned

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After all, you will be qualified for Medicare coverage as a senior citizen

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In fact, Medicare is NOT A SOLUTION

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The program won't pick up the tab for an extended stay in a nursing home or assisted living community

Where Can You Turn?:

Where Can You Turn? 5

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Medicaid is a joint federal-state program that will assist with long-term care expenses if you can qualify

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In the state of Minnesota this program is called Medical Assistance

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It may surprise you to hear that Medicaid pays for most of the long-term care that is being received by seniors here in the United States

Will I Lose Everything?:

Will I Lose Everything? 6 There are upper asset limits that you must stay within to qualify for Medical Assistance

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There are upper asset limits that you must stay within to qualify for Medical Assistance

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However, you can make sure that a significant store of assets remains in the family if you plan ahead effectively

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Your home (up to $536,000 in equity) and your primary vehicle are not considered to be countable assets

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And, your spouse can keep his or her half of community assets up to $ 115,920

How Do I Go About It?:

How Do I Go About It? 7

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Clearly, the rules that govern the Minnesota Medical Assistance program are somewhat complicated

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The first step would be to discuss everything with a licensed elder law attorney

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Your lawyer will look at your financial situation and give you the appropriate advice

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Minneapolis Elder Law Consultation Minneapolis Elder Law

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When you work with an attorney as you plan ahead for the future you can be certain that you are optimally prepared

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If you live in the greater Minneapolis area we would like to invite you to contact us to schedule a free elder law consultation

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Click to visit: molever.com

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