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The U.S. Senate Special Committee on Aging explained the difference as follows: “It [long-term care] differs from other types of health care in that the goal of long-term care is not to cure an illness, but to allow an individual to attain and maintain an optimal level of functioning….Long-term care encompasses a wide array of medical, social, personal, and supportive and specialized housing services needed by individuals who have lost some capacity for self-care because of a chronic illness or disabling condition.”
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For seniors who need assistance with the daily tasks of living or who require less extensive medical care, there are alternatives to nursing home care, including home health care, adult day health care, and assisted living facilities.
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The average life expectancy in the U.S. has almost doubled in the last century. Living longer is certainly good news; however, the longer you live, the greater your odds of needing long-term care. Someone entering their retirement years today stands over a 50 percent chance of eventually needing long-term care (LTC) and those odds only increase the longer you live. Given the importance of the care you receive and the cost of that care, planning for the possibility that you will need nursing home care should be part of your overall estate plan.
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One of the most important reasons to include nursing home planning in your comprehensive estate plan is the cost of that care. As of 2021, the national average for a year in long-term care was over $100,000. North Carolina residents paid just under that, on average, that same year. Moreover, the cost of LTC is predicted to at least double in 20 years. Considering that the average length of stay in LTC is three years, needing to pay out of pocket for the cost of nursing home care could put your hard-earned assets at risk.
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Doing your homework when searching for a nursing home is crucial to ensuring that the care you, or a loved one, receive is the best possible care. In North Carolina, there are several excellent resources available, including the North Carolina Division of Health Service Regulation and Medicare.gov (the federal government’s official site for Medicare).
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Medicaid is a healthcare program that is primarily funded by the U.S. federal government; however, it is administered by the individual states. Consequently, the eligibility guidelines and benefits offered can vary somewhat from one state to the next. Most states offer different categories of Medicaid, such as Medicaid for children, for pregnant women, and for the aged and disabled.
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Nursing home care is expensive. Most basic health insurance plans will not cover the costs associated with long-term care nor will Medicare. Unless you have the resources to cover the cost of nursing home care out of pocket and indefinitely, you will likely find yourself turning to Medicaid for help, like over half of all seniors in nursing home facilities. Medicaid Will help with your nursing home expenses if you are eligible for benefits. To be eligible, you must contend with exceptionally low “countable resources” limits that could put your retirement nest egg at risk if you failed to plan accordingly. Medicaid planning helps you plan for the potential need to qualify for Medicaid without putting assets at risk.
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Contact Us
The North Carolina estate planning attorneys at Clarity Legal Group are dedicated to helping you with all your estate planning needs, both now and in the future. Contact the team today by calling 919-484-0012 or contact us online.
