In the United States in 2017, 15.6% of the population was over 65, and that percentage increases each year. As the population ages, more and more of us will confront elder law-related issues, whether for ourselves or our parents. One of the most pressing issues is long-term nursing home care, which is usually not covered by traditional health insurance. Depending on where you live and the level of care needed, nursing home care costs can vary greatly. In Tennessee the average annual cost for a private room in a skilled nursing facility is $86,400. The average stay is slightly more than two years. Most people exhaust personal (or family) assets paying for long-term care and then apply for Medicaid (TennCare in Tennessee) to pick up the cost.
Purchasing long-term care insurance while you are healthy enough to qualify can certainly help defer the cost of long-term care. But with careful advance planning you may be able to protect most, or even all, of your assets for your spouse or for your children. We assist seniors and their families in making the tough decisions regarding long-term care planning, including whether Medicaid eligibility may be an option.
FORESIGHT - Helping Families and Seniors successfully navigate through the Eldercare world.