Planning for Your Long-Term Care ? Part 1: Advance Directives
September 2012 Newsletter - 2012
This is a multi-part article that will address the Basic legal problems associated with planning for long term care needs.
With the growing elderly population, increased attention has been focused on the particular legal and financial planning needs of older adults.? Many people live long, healthy lives because of medical advances and healthier lifestyles.? But all people face the possibility that during some of those years they may require assistance with their personal affairs.? They may also be faced with expensive long term care bills. Victims of Alzheimer?s disease, disabling strokes or accidents require the greatest need for planning.
- Everyone should plan for the possibility of disability and if signs of a disabling illness are present, legal planning should begin immediately.
- Many more options are available when the person is competent and before family resources have been depleted.
- Failing to plan can create emotional and financial hardship on the family.? They may be forced to seek guardianship over their loved one and may face financial ruin.
Basic Legal Problems
Assistance with Personal Affairs
Even with the best intentions, a spouse or child may hit roadblocks when trying to transact legal business for their family member.? The law is written to protect people against those who would take advantage of them, and cannot readily distinguish between the well-intended person and the unscrupulous individual.
Paying for Long Term Care
Families learn that they have little protection from financial ruin if they need long-term care.? As discussed later, Medicare does NOT cover long term care in a nursing home, nor do most private insurance policies, including the typical Medicare Supplement or Medigap Policies.? With typical nursing home costs approximately $5,500.00 per month (nursing home and prescription drug costs), the financial impact of a lengthy nursing home stay can be devastating.
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