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Maryland Estate & Probate Attorney > Annapolis Long-Term Care Planning Attorney

Annapolis Long-Term Care Planning Attorney

When it comes to long-term care planning, there are numerous options available to give a person as much independence as their health allows. It is important to take into consideration whether you—or your elderly loved one if you are planning for your parent—will need assistance with transportation, daily care such as showering, meal preparation, companionship, specific medical care, or 24/7 care. As you look into what long-term care might be appropriate for your future, your spouse, or your aging parents, you can seek advice and assistance from an Annapolis long-term care planning attorney who is familiar with financial implications of long-term care and how to prepare for such decisions. 

When Do I Need to Plan for Long-Term Care?

According to Morningstar, 52 percent of adults over the age of 65 will need long-term care at some point in their life. Only eight percent of those aged 65-74 needed long-term care as of 2018, but 17 percent of seniors aged 75-84 required care and the number jumped to 42 percent for those elders who are 85 years of older. However, the costs of long-term care are such that you should plan on needing it well in advance so that you can afford to implement your plan without burdening your children or going bankrupt. An Annapolis long-term planning attorney can help you financially prepare for the future when you need additional support either at-home or in an assisted living facility.

Medicaid

For those who may not be able to afford long-term health care, there is potential to cover costs through Medicaid. Maryland’s Department of Human Services states that to be eligible for Medicaid, they consider your identity, your medical needs, income, earned income, pensions, assets, and what assets you have transferred out of your name within the last five years. Our attorneys can help you look at what is necessary to qualify for Medicaid without spending through all of your assets and assist you in managing your assets in a way, such as creating trusts, that still abides the laws governing the five-year “look back” period that Medicaid has.

Long-Term Care Insurance

Long-term care insurance is something you need to consider before long-term care is necessary. We recommend you look into purchasing such insurance in your 50’s so that you are adequately protected, and also because the premiums will be more affordable if you are healthier and younger. Purchasing long-term care insurance should be part of your overall estate plan and it is wise to speak with an experienced elder law attorney when deciding on an insurance plan and how much to buy.

Plan For Long-Term Care With A Qualified Annapolis Attorney

It is hard to plan for the future when it is unpredictable, but you must consider that your own health could fail you. However, planning for long-term care early can offer peace of mind for both you and your family members who want to see you cared for as you age. At Frame & Frame, our compassionate long-term care attorneys can assist you in evaluating options for long-term care and how you will finance it significantly draining your assets. Contact our Annapolis offices at 410-255-0373 to schedule a free consultation.

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