Sikov and Love, P.A.
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Long Term Care Planning

Long Term Care Planning usually involves the review of how to pay for long term care in the event of disability and/or incapacity, including a discussion of Medicaid or Medical Assistance. Why do this?  Well, the average cost of nursing home care in 2014 in Pennsylvania is $288.21 per day or over $8,700 per month or over $100,000 per year. Many families want to protect themselves and their assets.  Long Term Care Planning may involve an experienced elder law attorney, an accountant, a financial planner or a long term care insurance broker.

Payment for long term care can be made in various ways. You can SELF PAY, which uses savings and income to pay for long term care.  You may have LONG TERM CARE INSURANCE, which is a special type of insurance to help cover some of these large costs. MEDICARE may help to pay for skilled nursing home care that is restorative in nature for up to 100 days per benefit period provided that certain conditions are met.  However, some people need MEDICAID or MEDICAL ASSISTANCE to help pay for care.  To be eligible for Medicaid, the applicant must medically be in need of nursing facility level care, must have insufficient income to pay for the care and must have very limited assets. Many families have to deal with these matters in a crisis.  Doing Long Term Care Planning allows a family to better protect itself and the family's assets. 

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