Key to Deciding How to Pay for Long-Term Care Is Understanding the Options | Law Firm Newswire

Key to Deciding How to Pay for Long-Term Care Is Understanding the Options

Hook Law Center (formerly Oast & Hook)

Hook Law Center (formerly Oast & Hook)

Virginia Beach, VA (Law Firm Newswire) December 21, 2015 – There are a number of options when preparing for long-term care, which will be needed by up to 70 percent of individuals age 65 or older, according to the Department of Health and Human Services (HHS).

The HHS predicts that 20 percent will require long-term care for over five years.

Long-term care can include 24-hour supervision or help with personal care and other responsibilities. Whatever kind of long-term care required, it is advisable to plan for one’s health and well-being long before retirement. Long-term care is usually defined as the services needed to manage essential activities on a daily basis, or rehabilitation that lasts more than 90 days. These kinds of services are normally given in one of three different types of environments, including assisted-living facilities, nursing homes or one’s home.

“In preparing for long-term care, it is imperative that one act quickly so as to protect assets, ensure the security of a spouse and safeguard an inheritance for heirs,” said Andrew H. Hook, a Virginia elder law attorney with Hook Law Center, with offices in Virginia Beach and northern Suffolk.

The cost of long-term care is dependent on the type of services provided and the place where one receives such services. According to HHS, while the average monthly cost of a private room in a nursing home was $6,965 in 2010, the cost of a semi-private room was approximately $6,235. And the average cost of monthly care in a one-bedroom apartment at an assisted-living facility was $3,293. While women generally require long-term care for approximately 3.7 years, men need long-term care for about 2.2 years on average.

Some seniors will be able to pay for long-term care from their savings, but many will need to consider other options. Long-term care insurance can pay for many types of long-term care, including nursing home care, assisted living and in-home care, depending on the policy. Medicare generally doesn't cover room and board for long-term care stays in a nursing home, but it covers doctor services and hospital visits. Nursing home care can be paid for by Medicaid for those who satisfy income and asset requirements. In some cases, one may decrease one’s assets in order to qualify for Medicaid, while using estate planning tools to protect those assets.

Hook Law Center
295 Bendix Road, Suite 170
Virginia Beach, Virginia 23452-1294
Phone: 757-399-7506
Fax: 757-397-1267

SUFFOLK
5806 Harbour View Blvd.
Suite 203
Suffolk VA 23435
Phone: 757-399-7506
Fax: 757-397-1267
http://www.hooklawcenter.com/

  • ATTORNEY LETHA SGRITTA MCDOWELL ELECTED FELLOW OF THE ACTEC
    <p>It is with great honor to announce that Hook Law Center Attorney and Shareholder, Letha Sgritta McDowell, has been elected as a Fellow of the American College of Trust and Estate Counsel (ACTEC) being recognized for her outstanding skill and contributions to the profession. She joins more than 2,500 lawyers and law professors from across [...]</p>
    <p><a class="btn btn-secondary bravehart-read-more-link" href="http://www.hooklawcenter.com/2020/12/01/attorney-letha-sgritta-mcdowell-elected-fellow-of-the-actec/">Read More...</a></p>
    <p>The post <a href="http://www.hooklawcenter.com/2020/12/01/attorney-letha-sgritta-mcdowell-elected-fellow-of-the-actec/" target="_blank">ATTORNEY LETHA SGRITTA MCDOWELL ELECTED FELLOW OF THE ACTEC</a> first appeared on <a href="http://www.hooklawcenter.com/" target="_blank">Hook Law Center</a>.</p>
  • Year-End Planning For 2020
    <p>As of the November 23rd letter from the Administrator of the U.S. General Services Administration to President-Elect Joe Biden allowing the start of the presidential transition, the 2020 Presidential election is (mostly) decided in favor of President-Elect Biden.  This article will address what this transition may mean for your tax, financial and estate planning and [...]</p>
    <p><a class="btn btn-secondary bravehart-read-more-link" href="http://www.hooklawcenter.com/2020/11/24/year-end-planning-for-2020/">Read More...</a></p>
    <p>The post <a href="http://www.hooklawcenter.com/2020/11/24/year-end-planning-for-2020/" target="_blank">Year-End Planning For 2020</a> first appeared on <a href="http://www.hooklawcenter.com/" target="_blank">Hook Law Center</a>.</p>
  • A Letter to Our Clients: 2020 Year-End Planning
    <p>Dear Client: I am writing to you as we reach the end of this extraordinary and difficult year. Although the year is nearing an end, the events we have experienced undoubtedly will have an effect well into the future.  Naturally, the most significant impact is the human toll of the pandemic, and the lingering effects [...]</p>
    <p><a class="btn btn-secondary bravehart-read-more-link" href="http://www.hooklawcenter.com/2020/11/23/a-letter-to-our-clients-2020-year-end-planning/">Read More...</a></p>
    <p>The post <a href="http://www.hooklawcenter.com/2020/11/23/a-letter-to-our-clients-2020-year-end-planning/" target="_blank">A Letter to Our Clients: 2020 Year-End Planning</a> first appeared on <a href="http://www.hooklawcenter.com/" target="_blank">Hook Law Center</a>.</p>
  • Dying of Loneliness: The Paradox of Covid-19
    <p>Even before the pandemic, social isolation and loneliness were considered serious health risks for older Americans because they are more likely to face factors such as living alone, the loss of family and friends, chronic illness, and hearing loss. This social isolation can make seniors more vulnerable to things such as financial abuse, loneliness, and [...]</p>
    <p><a class="btn btn-secondary bravehart-read-more-link" href="http://www.hooklawcenter.com/2020/11/20/dying-of-loneliness-the-paradox-of-covid-19/">Read More...</a></p>
    <p>The post <a href="http://www.hooklawcenter.com/2020/11/20/dying-of-loneliness-the-paradox-of-covid-19/" target="_blank">Dying of Loneliness: The Paradox of Covid-19</a> first appeared on <a href="http://www.hooklawcenter.com/" target="_blank">Hook Law Center</a>.</p>
  • Working Mothers and Memory
    <p>It seems that as if no time in history have we been more focused on health than in 2020. Daily, we are receiving discouraging news about COVID, the symptoms of COVID, the risks for COVID and other factors that may increase mortality. This comes while many Americans are still battling cancer, heart disease, and cognitive [...]</p>
    <p><a class="btn btn-secondary bravehart-read-more-link" href="http://www.hooklawcenter.com/2020/11/13/working-women-and-memory/">Read More...</a></p>
    <p>The post <a href="http://www.hooklawcenter.com/2020/11/13/working-women-and-memory/" target="_blank">Working Mothers and Memory</a> first appeared on <a href="http://www.hooklawcenter.com/" target="_blank">Hook Law Center</a>.</p>

Tags: , , , , ,



Get headlines from Law Firm Newswire sent right to your inbox.

* indicates required