Houston Estate Planning and Elder Law Attorney Blog
There’s no way around it: long-term care in the United States is expensive. At McCulloch & Miller, we help families plan for the later years of their loved ones’ lives, and for many clients, this can be a daunting process. After several decades of working in the industry, there are several things that we believe Houston families need to know when it comes to planning for long-term care.
Long-Term Care Costs
To find out a realistic estimate of what long-term care might cost you and your loved ones, we recommend using this resource from carescout.com. The unfortunate reality is that you should expect to spend a minimum of approximately $100,000 per year on long-term care, if you are paying out of pocket. This cost is rising every year, but it is important to note that your cost will depend on factors like the level of care you might need.
Payment Options
There are three basic options when it comes to financing a nursing home, a retirement community, assisted living, or a live-in aide: paying out of pocket, using long-term care insurance, or applying for Medicaid. Paying out of pocket allows the greatest amount of flexibility, but it is unrealistic for most individuals given the rising costs of long-term care. Long-term care insurance is a viable option, but it requires paying into the insurance early on. It also involves some risk, in that if you do not end up needing the care your insurance would cover, you lose the money you have invested.
The third option is applying for Medicaid, because Medicare (which most people start receiving at the age of 65) does not cover long-term care. Medicaid has stringent requirements, however, and a lot of people find themselves stuck in their later years because they do not have enough money to pay for long-term care but have too much to qualify for Medicaid. This is when public benefits planning can come in handy. With a skilled Houston estate planning attorney, you can create a plan that allows you to both protect your money now and preserve your eligibility for Medicaid in the future.
Have You Found Your Houston Estate Planning Attorney?
When it comes to planning for the unexpected, it helps to have a qualified team of attorneys by your side that know how to make sure you are prepared. At McCulloch & Miller, we are a group of experienced Houston estate planning attorneys that take pride in the thorough level of legal services we provide our client community. If you do not yet have your estate planning attorney on retainer, don’t wait – contact a trusted member of our firm today. If you would like to set up a call with one of our Houston estate planning attorneys at McCulloch & Miller, give us a call at 713-936-9073. You can also fill out our online form to tell us about yourself and have a member of our team contact you as soon as possible. Our firm covers estate planning, probate, trust administration, special needs planning, elder law, public benefits planning, and more.