Why You Need A Long-Term Care Strategy
- July 8, 2016
- Posted by: Alice Reiter Feld
- Category: Elder Law Blog
From assisted living to the complex needs of those in skilled nursing facilities, monthly uncovered out-of-pocket expense can quickly drain an estate of $3,000 to $15,000 a month. We can help determine whether self-insuring, long-term care insurance, or Medicaid/VA planning should be a strategy for you.
Why you need this
50% of those age 85 or over have some form of dementia, the most expensive medical condition to treat. Because neither Medicare nor health insurance cover long-term care costs beyond a maximum of 90 days in most cases, this leaves many small to medium-sized estates vulnerable to the expenses of uncovered long-term care costs. The solution lies in one or more of the following strategies:
- Self-insure (great option for medium to large estates projecting a particularly healthy future);
- Traditional long-term care insurance (great solution for those who are relatively healthy and able to afford the expensive premiums);
- Self-insure using new hybrid life insurance policies with long term-care insurance riders; and/or
- Medicaid/VA planning through the use of Safe Harbor Trusts drafted by experienced estate planning attorneys (for those whom self-insuring or long-term care insurance are not viable options). If you are planning to become Medicaid or VA eligible, there may be steps that you need to take in preparation of needing these types of assistance.
At the Law Offices of Alice Reiter Feld & Associates, we’ve been minimizing risks for South Florida families for over 30 years. We practice Elder Law – and only Elder Law. And we’ve designed pretty much every type of trust you can imagine for our families… along with other estate planning tools such as wills and asset protection, and assistance with long-term care planning, Medicaid, and the VA.