To anyone approaching that age and for those that love them, that statistic is alarming. It’s now not so much if you will need long term care, it’s a question of when you will need care and more important than ever it brings into focus the need for planning.
A recent article in the LA Times entitled “Why You Need Long Term Care Insurance and Tips On Buying It” highlights the story of Maria Mascone and her mother, who suffered with dementia while living in an assisted living facility for more than 6 years before her death. As Mascone tells us, “It made me open my eyes that my husband and I are at this age where we need to think of the long term. "We need some kind of a plan."
What was equally enlightening is information gleaned from a 2010 poll by the SCAN Foundation and the UCLA Center for Health Policy Research. Many Americans are still under the mistaken impression that Medicare will be available to help pay for any long term care need. "When you ask them, 'Does Medicare cover long-term custodial care?' only a third know that the answer is no," says Steven Wallace, associate director of the UCLA Center for Health Policy Research.
As the title of the article suggests, it offers a wealth of information on how and when to purchase long term care insurance. I strongly recommend that you start your research into any long term care insurance purchase by first reading these tips. However, insurance is not always an option for everyone. In that case, timely planning becomes even more vital if your intention is to provide a legacy to your loved ones. Seek the advice of an Elder Law attorney in your area.
You can learn more about this topic as well as other strategies on our website under the tab entitled: elder law planning in Virginia. Be sure you also sign up for our complimentary e-newsletter so that you may be informed of all the latest issues that could affect you, your loved ones and your estate planning.
Ref: Los Angeles Times, “Why You Need Long Term Care Insurance and Tips On Buying It”