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Long Term Care Planning Archives

How do people typically pay for nursing home care?

Long term care planning can be important since many people in Pittsburgh, Pennsylvania, may have to spend their last years living in a nursing facility. One thing that nursing facilities generally have in common, however, is price, with the average cost being $321.95 per day in 2017. This means that long term care planning is important when people in Pennsylvania start thinking about financing nursing home care.

We help people planning for long term care

Long term care planning is an issue that many Pittsburgh residents must face when dealing with the needs of their older relatives for assisted living or nursing facility care. Planning for long term care is something that should be done sooner, rather than later. It is also never too early to begin preparing for one's own possible long term care needs. When making these preparations, it is a good idea to follow some best practices.

Trusts could be the way for long term care planning

Long term care planning may involve the use of irrevocable trusts. Why are these trusts useful vehicles to protect your assets? Irrevocable trusts take the assets out of your name and control, which can protect them from being exposed to paying for your long term care.

Helping you with your Long Term Care Planning needs

Long Term Care planning usually involves the review of how one could pay for long term care in the event of disability and/or incapacity. This review may involve an elder law attorney, an accountant, a financial planner and/or a long term care insurance broker. One way that long term care can be paid for is by using your income and retirement funds as well as your savings. However, since the average cost of nursing home care is now between $9,000 and $10,000 per month, a lifetime of savings can be depleted quickly.

Understanding Long Term Care Planning

Planning for long term care can be an important matter for Pittsburgh families to consider when reviewing finances for the New Year. By planning for long term care right now, it may be possible to put aside funds and study options to determine how to receive the best care rather than being overwhelmed at a time of crisis. Some experts estimate that at least 60 percent of all individuals will need some form of extended help over the course of their lives, so why not plan for it accordingly?

Implications of filial responsibility for long term care planning

When doing long term care planning, it is important to remember that parents usually want the best for their children.  Parents may spend their lives working and saving to provide their children with the best education and lifestyle that they can manage. In fact, one aspect of parenting is to ensure that children are not burdened with their parents' financial problems. However, parents often neglect to do long term care planning, which can help prevent adult children from carrying their parents' financial burdens for nursing home care.

What is Spend Down?

Spend down of assets, part of long term care planning, is a concern of Pennsylvanians who are considering Medicaid or Medical Assistance as an option to pay for nursing home care for a loved one. One of the biggest worries for Medicaid eligibility has to do with finances. Understanding what spend down is and how it works is an important part of long term care planning for a loved one.

Medicare Coverage and Long Term Care Planning

Long term care planning may start with a discussion of what Medicare covers when it comes to nursing home care.  Usually, Medicare pays for up to 100 days of skilled nursing home care which is restorative in nature and which follows a 3-day hospital stay to a Medicare-approved facility within 30 days of discharge from a hospital. 

Why Make a Long Term Care Plan with an Elder Law Attorney?

Long term care planning should be done with an elder law attorney since only an elder law attorney can give legal advice and best represent your interests.  Sometimes, a nursing home may recommend an organization or service to help you with such a Medicaid plan; but it is important to remember that such a group may be looking out for the interests of the nursing home, not your interests.   

Long Term Care Planning on Mothers' Day

Long term care planning is always a good idea, since it can help a family protect itself from the expense of long term care.  On Mothers' Day, it can be even more relevant.  Why?  Most mothers want to take care of their families, even when it is hard on them personally, and often sacrifice to make sure their children have what they need.  However, mothers are usually the ones who end in in nursing homes, since women have a longer life expectancy. 

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