What is Long-Term Care
Long-term care is a set of services that meet both medical and non-medical needs of a person that has a chronic illness or is disabled and not fully able to care for themselves for an extended period.
What is Long-Term Care Planning?
Preparation of a plan that mitigates financial and health care risks in the event you experience a catastrophic health care event or need continuing long-term health care services.
During the planning process, we will use general estate planning tools to accomplish non-long-term care goals, explore the use of an irrevocable trust to protect your assets and qualify for Medicaid or Veteran’s benefits in the future.
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Although your personal long-term care strategy may not be complicated, the underlying legal and tax concepts we use to prepare your plan are complex, therefore it is imperative that you work with an experienced elder law attorney throughout the process.
What is Long-Term Care Crisis Planning?
The process of mitigating the financial and personal stress caused by unforeseen costs of care due to an unforeseen and immediate need for long-term care such as a catastrophic health care event if a Long-Term Care Plan was not created.
Who needs Long-Term Care Planning?
Government studies show that 1 in 4 people will need some type of long-term care and that the probability of needing long term care increases with age.
The U.S. Department of Health and Human Services Administration on Aging estimates that 70% of Americans over age 65 will need some type of long-term careand up to one third will need care for more than 5 years.
The average annual cost for skilled care in a nursing home in Missouri as of January 1, 2024, is $83,796.00 according to the Missouri Department of Social Services, MO HealthNet for the Aged, Blind, and Disabled (MHABD) Manual.
1 in 4
people will need some type of long-term care and that the probability of needing long term care increases with age, according to government studies
70%
of Americans over age 65 are estimated by the U.S. Department of Health & Human Services Administration on Aging to need some type of long-term care and up to one third will need care for more than 5 years.
$83,796
was the average annual cost for skilled care in a nursing home in Missouri as of January1, 2024, according to the Missouri Department of Social Services, MO HealthNet for the Aged, Blind, and Disabled (MHABD) Manual.
What are your options for paying Long-term Care costs?
Use your retirement income and savings
Depend on your loved ones for care to reduce your cost of care
Depend on your loved ones to use their income and savings if needed to supplement your cost of care
Implement a long-term care plan that can reduce the financial impact of long-term on your finances by allowing you to qualify for federal and state long-term care benefits sooner
Do you want to avoid...
Running out of money for yourself, your spouse, and your family?
Leaving your home unprotected?
Risking the health and finances of family or spouse caregivers? Family caregivers, especially spouse caregivers, face increased risk of serious health problems while taking care of a loved one needing long-term care Health Profiles of Spouse Caregivers: The Role of Active Coping and the Risk for Developing Prolonged Grief Symptoms (National Institutes of Health).
Do you want to...
Age with dignity and preserve your lifestyle?
Have better options if long-term care is required?
Identify who will take care of you and who will help you manage your resources and assets if you cannot?
Leave a legacy for your loved ones and give back to the community?
What is Involved in Long-Term Care Planning?
Every long-term care plan is different since your needs are unique to you and your loved ones. Long-term care planning strategies include the following:
Next Steps for Long-Term Care Planning
Taking steps now to plan for the future can provide individuals and families with peace of mind. A long-term care plan allows individuals to map out a customized plan, so important decisions do not have to be made in haste in the future.
