U.S. Dept of Health & Human Services Calculator

It calculates the projected cost of long-term care (using your selected state’s average costs) and compares this to your projected savings. This gives you a ballpark number of the critical gap between the cost of long term care and what you are able to fund yourself.

This is of course, a preliminary first step in planning for your long term care needs. If you have a “sizeable” financial gap, you need to explore other options available to you, BEFORE you enter into what is called a “crisis planning” mode. You need to talk to an Elder Law Attorney who specializes in Long-term Care Planning, and who also has expertise in utilizing public programs such as Medi-Cal (Medicaid) benefits, and the Veteran’s administration Aid and Attendance Program.

Here at the California Elder Law Center, we specialize in helping seniors finding money to pay for their long-term care needs. So if you live in the Palm Springs area (Coachella Valley) or in the greater Los Angeles area, don’t hesitate to call us and make an appointment to discuss you own situation. Our toll free number is (888) 500-6700.

Costs for a nursing home averages to more than $6,000 a month, which means that it can cost seniors upwards of $70,000 a year out-of-pocket. People who receive long-term care services at home spend can be spending more than $1,600 per month.

Some seniors can cover the long-term care they need in the future with long-term care insurance, savings plan annuities, certain life insurance policies, and reverse mortgages. The optimum solution really depends on one’s personal finances and family situation. Planning for disability or incapacity is something that we can’t afford not to do.

There are basic steps every one can take to start thinking about how to provide for health care as we all age:

1. Estimate how much of the cost of long-term care you could afford on your own.

2. Talk with you independent financial planner for more information about your financial situation.

3. Ask your current or former employer if you are eligible for group long-term insurance, savings plan annuities, or similar long-term care benefits.

4. Do some research and learn about long-term care insurance, trusts, annuities, reverse mortgage or other options for financing long-term care needs.

5. Call your local Area Agency on Aging to finds out about other programs that might help pay for long-term care. Look under “aging” or “Human Services” in the local government blue pages of the phone book for the number. You can also call 1-800-677-1116, which is the toll-free information line for the Eldercare Locator. (This is a public service of the U.S. Administration on Aging connecting you to services for older adults and their families.)

6.  If you have low income, you may qualify for Medicaid (or Med-Cal in California). If you live in California, you can go to the Department of Health Care Services Medi-Cal page to get more information about the program.

7. Last but not the least, if you happen to live in Southern California, you can call the Cal Elder Law office to make an appointment for a consultation: (562) 920-6100. As elder law attorneys, our expertise is in helping seniors plan for their their long-term care needs, at the same time protecting their hard-earned savings and assets.

About 70 percent of people over the age of 65 require some services. The likelihood of needing care increases as we age. Planning is critical because the cost of long-term care services often exceeds what the average person can pay from income and other resources. If you plan ahead, you may be able to save your assets and income for uses other than long-term care.

With effective planning, there is of course greater likelihood of being able to preserve your estate for your loved ones, by minimizing the costs of paying for long-term care. It also translates to less financial stress and emotional wear-and-tear on you and your family. The chances of being able to stay at home as long as possible and within your community will be much greater. Most importantly, it helps ensure a greater degree of independence if and when you need care.

Despite the importance of planning, a lot of people fail to do so. There are many reasons for this shortcoming. People have a natural tendency to avoid thinking of unpleasant things, of being dependent on others as we age. We don’t like to think about getting older, being disabled, becoming less independent, or needing help with our own personal care. There is also a lot of existing misinformation about long-term care needs, as well as their costs and payment options associated with these services.

For example, most people have no idea how expensive long-term care can be, and how it is paid. Many seniors don’t realize that health insurance, Medicare, and/or disability coverage do not pay for most long-term care services. Medicaid (Medi-Cal) pays for some long-term care services, but only if one qualifies due to income  and financial resource limitations.

Planning for long-term care is a difficult subject of conversation in most families. Adult children may hesitate to bring up the subject, for fear that they may be patronizing their parents. They may think that their eagerness to bring up this topic may be misconstrued as not wanting to provide care for their parents “when the time comes.” Parents may not want discuss the details of their financial life with their children. It may also be as simple as not knowing how to go about the planning process itself.

In future posts, we will talk about some of the key information and resources you need to know in order to plan ahead…

2)      Take the pressure off of your loved ones by having your wills, trusts and power of attorney handled by a professional elder law attorney. By working with an elder law attorney to plan your estate you can avoid costly mistakes so you can leave behind an inheritance to your loved ones, and LEGALLY keep your house & life savings in the process.

3)      Take full advantage of the Medi-Cal benefits you qualify for. By doing this you can legally secure your house, life savings and ensure you or your loved one gets the quality care they deserve.

These are complicated and trying issues to navigate alone. You have rights. To learn how to take full advantage of those rights the California Elder Law Center provides a free clinic every Wednesday at 2pm in our offices.

Visit us online at www.calelderlaw.com or call (562) 627-9600! This is life saving information you can’t afford to miss.