The Need for Long-Term Care Planning

As Baby Boomers reach retirement age, more will be thinking about long-term care and planning ahead. People are living longer and often suffer longer from debilitating diseases; therefore, requiring more long-term care than ever before. Long-term care is expensive and can easily drain a family of all of their assets, creating problems for family security.

The average cost of a skilled nursing facility in Maryland is over $10,000 per month ($120,000 per year). The average if expectancy in a nursing home is four (4) years.

          4 years x $120,000 per year = $480,000.

There are basically five ways to pay the cost of long-term care, excluding friends or family members who provide uncompensated care:

1. PRIVATE PAY. Quite simply, it means paying for the cost of a nursing home out-of-pocket. This is the method many people use.

2. LONG-TERM CARE INSURANCE. If someone is fortunate enough to have this type of coverage, it may go a long way toward paying the cost of long-term care. Unfortunately, most people choose not to purchase insurance because of the cost of the premiums or because they don’t qualify. There are also products available that combine long-term care insurance with life insurance.

3. MEDICAID. Medicaid is a joint federal and state medical benefit program which is administered by individual states, which can pay for the cost of the nursing home if certain asset and income tests are met. The rules vary from state to state. One primary benefit of Medicaid is that, unlike Medicare (which only pays for skilled nursing), Medicaid will pay for custodial care in a nursing home once an applicant is qualified. There are proper ways to preserve assets and qualify for Medicaid.

4. MEDICARE. Medicare may pay the full cost of a nursing home stay for the first 20 days and may continue to pay the nursing home stay for the next 80 days, but with a deductible that is over $100.00 per day. Once the nursing home resident requires only custodial care, Medicare will not pay.

5. VETERANS BENEFITS. Benefits are available for veterans who have service connected disabilities. There are also benefits available to offset the costs of long-term care for wartime veterans or their surviving spouses who meet certain financial criteria.


If you are planning ahead, consult with a qualified professional. Even after disaster strikes, there may be some options for preserving assets. A qualified elder law attorney may assist you so you don’t end up spending more money than needed and jeopardizing family financial security.

We have the two (2) upcoming workshops, for more information click HERE


Tuesday, June 23rd, 2015

Seminar: 2:00 PM – 3:15 PM & 6:30 PM – 7:45 PM

Hampton Inn & Suites Frederick-Fort Detrick

1565 Opossumtown Pike, Frederick, MD 21702



Thursday: June 25th, 2015

6:30 PM – 7:00 PM: Join us for Complimentary Dinner with Meet & Greet

7:00 PM – 8:00 PM – Three Essential Steps to KNOW NOW Presentation


Three Essential Steps to Prevent Living a Life of Regret!

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