Title: Who Pays for Long-term Care?
1Who Pays for Long-Term Care?
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2As the baby boomer generation reaches the age of
retirement the population is aging rapidly
3More and more people are going to need long-term
care in the future
4This raises an interesting question WHO PAYS FOR
LONG-TERM CARE?
5This raises an interesting question WHO PAYS FOR
LONG-TERM CARE?
6What Is Long-Term Care?
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Before we look into how it is paid for let's
describe what long-term care actually is
7If you need assistance with your activities of
daily living on an ongoing basis, you are in
need of long-term care
8There are different forms of LONG-TERM CARE
9In-Home Care
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Some of our elders who need assistance with their
day-to-day needs can stay in their own homes
10Care is often provided by family members,
friends, and neighbors
11In other cases a senior may engage the services
of a paid home aide
12This is the least expensive form of long-term
care
13Assisted Living Communities
.
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Many people who need a moderate level of help
with various day-to-day tasks reside in
assisted-living communities
14These facilities allow for a good bit of
independence while providing the necessary amount
of assistance
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15The average annual charge for residence in an
assisted-living community in 2012 was 42,600
16Nursing Homes
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Nursing homes provide more care than
assisted-living communities
17Licensed medical personnel are available to
residents around-the-clock
18Seniors with debilitating medical conditions or
cognitive impairment often reside in nursing
homes
19The average annual expense for nursing home care
in 2012 was 90,520
20How Long Is Care Typically Needed?
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When you start to calculate the expenses that may
be accumulated you have to estimate the length of
stay
21According to a government survey the average
length of stay for someone who is residing in a
nursing home is 835 days
22Some people spend significantly more time in
nursing homes
23Is Medicare the Solution?
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It may be logical to assume that Medicare will
pay for assisted living expenses
24Unfortunately, this government program for
seniors WILL NOT PAY FOR LONG-TERM CARE
25Medicare will pay for up to 100 days of
convalescent care, but that's the extent of it
26Whats the Answer?
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When it comes to paying for long-term care you
can certainly pay out-of-pocket if you can afford
it
27Another option would be to obtain long-term care
insurance coverage
28Medicaid is another possible solution
29Medicaid is another possible solution
If you can qualify, Medicaid may pay for an
extended stay in a nursing home or assisted
living facility
30Where Do I Turn For Advice?
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Planning ahead so that you can handle long-term
care expenses can be confusing
31You may want to consult with an elder law
attorney to help you sort things out
32Your lawyer will gain an understanding of your
unique personal circumstances and guide you
accordingly
33If you are interested in scheduling a free
consultation with a licensed elder law attorney
contact The Potter Law Firm
34We practice in Charlotte, North Carolina and
northern Kentucky, and we would be glad to
assist you
35Click to visit www.potterestateplanning.com
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