The Cost of Not Preparing for Long-Term Care

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The Staggering Cost of Not Preparing for Long-Term Care

Families often come to our office in the middle of a long-term care crisis. A sudden illness or injury has led to a loss of independence, and they are facing the rapid depletion of their life savings to pay for care. The most common and costly mistake we see is waiting too long to seek professional advice.

While we can often help families in a crisis, the options are fewer and the costs are greater than if a plan had been put in place years earlier. A lack of proactive planning can cost a family hundreds of thousands of dollars.

The Biggest Financial Risk for Seniors

Most people are optimistic, hoping they will never need assistance with daily activities like bathing, dressing, or eating. The reality is that over half of all seniors will require long-term care at some point, and it remains the single biggest financial risk they face. The annual cost of care can range from tens of thousands of dollars for in-home assistance to over $100,000 for a nursing facility.

It is a risk that is far more likely than a house fire or a car accident, and for most families, the financial impact is just as devastating.

The Hidden Cost for Caregiving Spouses

When a long-term care need arises, it is often the healthy spouse who steps in to provide the majority of care at home. This creates a double impact on the family. The caregiving spouse faces immense stress, fatigue, and depression, which can lead to their own negative health effects. This emotional strain is compounded by the constant fear of running out of money and becoming impoverished.

You Have Options, But You Need a Plan

It is a common misconception that Medicare or standard health insurance will cover long-term care costs. They do not. However, there are government assistance programs available to help, but navigating them requires knowledge and planning.

  • Medicaid is the primary payer for nursing home care, and with the help of an experienced elder law attorney, most middle-class families can legally and ethically qualify for benefits while preserving a significant portion of their assets.
  • The VA Pension program can provide a monthly reimbursement for care costs for wartime veterans and their spouses.
  • Special Assistance can help with the costs of assisted living.

Don’t Wait for a Crisis

The key to protecting your family is seeking help early. Planning in advance provides more options and is far less costly than waiting until a crisis strikes. While we can still help families preserve most of their remaining assets even in an emergency, the best results are always achieved through proactive asset protection planning.

If you have questions about how to prepare for the possibility of long-term care, our experienced attorneys can help. Call our office at (919) 256-7000 to schedule a consultation.