Severna Park Long-Term Care Planning Attorney
Moving into a retirement home brings a sense of dread for many people, and whether they are in their 50s or 90s, few like to ponder the reality that they will likely spend at least some time in a nursing home, assisted living facility, or independent living senior community. According to Longtermcare.gov, someone who turns 65 today has a 70 percent chance of needing some sort of long-term care for their remaining years. Planning for long-term care is vitally important, and it is never too early to start planning for the financial aspect of such a move by qualifying for Medicaid. Contact the Severna Park long-term care planning attorneys of Frame & Frame for more information today.
Do Not Put Planning Off Until it is Too Late
According to a recent survey conducted by the National Council on Aging, the top concerns for Americans aged 60 and older regarding their later years include maintaining their physical health, memory loss, and maintaining their mental health. However, one of the top concerns that professionals (such as credit union managers, physicians, and pharmacists) had for seniors was their ability to access affordable senior housing. Few people enjoy thinking about leaving the home they raised their children in or the community they have been living in for decades, yet it is something that needs to be planned for. While maintaining physical, mental, and memory health is important, some things cannot be planned for, such as a fall going down the stairs or developing Alzheimer’s or serious dementia. We can take all the precautions there are when it comes to maintaining health during our later years and it may not be enough to keep us living independently. If you have not started planning for long-term care by the age of 55, it is in your best interest to start now.
What Not to Do
Some people may have read about long-term care planning and how to qualify for Medicaid, but they likely do not have the full picture. This can put them in trouble for various reasons. For instance, if you were to transfer the title of your house, give your assets away, or make a series of large gifts to your family members, you still may not qualify for Medicaid due to the five-year “look back” period.
Should I Purchase Long-Term Care Insurance?
Long-term care insurance should be another part of your plan, and your premiums will be more affordable the younger and healthier you are when you first purchase the insurance. This type of insurance is not for everyone, however, and it is in your best interest to discuss your options with an attorney first.
Contact a Long-Term Care Planning Attorney Today
It is more difficult to make the move into a senior care facility at the latest moment possible, versus moving in a few years before it is absolutely necessary. Moving into a care facility a few years earlier can mean the difference between a smooth transition into a new home, and a feeling of loss and confusion. In order to afford long-term care without bankrupting yourself, you need to work with an elder law attorney. Do not hesitate to contact the Severna Park law offices of Frame & Frame today for legal help with senior long-term care planning.