Many people equate the term ‘long-term care’ with being in a nursing home. However, there are many different forms of long-term care, including assisted living, at-home care, and care in the community, such as an adult day care center. Contact the experienced elder law attorneys at DuPont Law Group to learn more about Medicaid and long-term care in Dublin, OH.
What is Long-Term Care?
Long-term care services are designed to meet a person’s health and/or personal care needs during a period of time. This could include assistance with driving to appointments, making meals, bathing, getting dressed, cleaning, and other daily activities. These services help people live as independently and safely as possible when they cannot perform everyday activities on their own.
LEARN HOW TO PAY FOR LONG-TERM CARE TAX-FREE
Who Needs Long-Term Care?
70% of people over the age of 65 will need long-term care during their lifetime, so it’s important for everyone to prepare for it. If you have a family history of dementia or Alzheimer’s, planning for long-term care should be a priority for you. Also, long-term care isn’t exclusive to the elderly in Dublin, OH. In fact, 43% of individuals requiring long-term care are working-age adults under the age of 65. Anyone can need long-term care services anytime due to severe and unexpected chronic illnesses and diseases, injuries, accidents, and after surgical procedures.
Who Provides Long-Term Care?
Long-term care can be provided by professional medical personnel in Dublin, OH, but most commonly it is provided at home by unpaid family members and friends. However, it is not wise to assume that a family member will be able to care for you. The type of care you need may go beyond a family member’s abilities, and although your loved one is unpaid, providing the equipment needed for care can still be a significant financial burden in itself.
Ultimately, most people feel guilty about burdening family members with the responsibilities of providing care. At the same time, their family members often feel guilty about their inability to slow their loved one’s decline. The result can be a devastating situation for everyone.
Will My Insurance Cover Long-Term Care?
Don’t plan on your health or disability insurance covering long-term care. Many health insurance plans, including Medicare, will only pay for acute care such as doctor’s visits, medications, and short-term hospital stays relating to illness or injury. Typically, even the most comprehensive health insurance plan will not pay for assistance with daily activities and will have very limited options. Long-term care insurance policies are available to cover such services.
How to Pay For Long-Term Care
The thought of someday becoming dependent on others is scary. However, learning about how you can prepare for long-term care situations can ease some of your fears and worries, as well as your family’s.
The potential cost of long-term care in Dublin, OH is astronomical and can quickly eat away at your retirement savings, so don’t depend on them for a long-term care solution. The ultimate cost of long-term care greatly varies depending on the length of time care is required, the care setting and geographic location, and level of care required.
An elder law attorney can help you look at the various options for funding long-term care and help you select what’s right for you and your circumstances. Options include the following:
You’ll Need an Estate Plan
One of the most important things to set in motion before a long-term care type situation comes upon you is an estate plan. A durable power of attorney for healthcare and financial power of attorney are essential, along with an advance directive or living will. These documents ensure that your wishes will be carried out should you become incapacitated and unable to communicate or handle your affairs.
Contact our Dublin, OH Attorneys to Learn More About Medicaid and Long-Term Care Plans
Preparing for long-term care could make the difference between your independence in selecting who your caregivers are and having someone else decide for you. When you properly plan for long-term care, you take a burden off yourself and your family members. The attorneys at DuPont Law Group can help you stay financially independent for as long as possible and learn more about Medicaid and long-term care plans in Dublin, OH. Contact our firm at 614-389-9711 to set up a consultation.
Interested in learning about Medicaid and Long-Term Planning? Download our guide, Aging with Confidence.
Greg DuPont, JD, CFP®, is a well-respected estate attorney, financial advisor, public speaker, and published author. He centers his multiple businesses around education, guidance, and relationship-building. This comprehensive combination gives him, and his team, the opportunity to effectively serve both individuals and their families. He is a life-long resident of Central Ohio and spends the majority of his time with his wife, Julia, and daughter, Sophie.
