12900 Hall Rd, Suite 403, Sterling Heights, MI 48313

LA GRASSO | ABDO | SILVERI

Elder Law and Asset Preservation Planning Services in Oakland and Macomb

Elder Law

Long-term Care Planning

With the exorbitant costs associated with assisted living facilities, many aging clients are worried about funding their long-term care, and rightfully so.  The attorneys at La Grasso, Abdo & Silveri, PLLC are here to work through some of the issues you may encounter in the future or are currently experiencing

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While the task of planning for your long-term care needs may seem daunting, it will be far more strenuous of a task for you and your loved ones if no pre-planning is done. For this reason, we encourage you to set up a free consultation with one of the attorneys of La Grasso, Abdo & Silveri, PLLC to discuss your concerns and to determine whether we can assist you in any way.

Paying for Long Term Care

There are generally five different ways in which an individual can pay for his or her long-term care:

  1. Out-of-Pocket.With some assisted living facilities charging upwards of $10,000 per month, for many clients this option is simply not an option at all. Unfortunately, without some planning done prior to a long-term care need, many clients find themselves using their owns funds exclusively for a period of time.
  2. Long-Term Care Insurance.This type of insurance is a great tool to utilize if you are the proper age (i.e., still insurable) and you can afford the premiums associated with the plan. With the high potential out-of-pocket costs mentioned above, our firm strongly believes an insurance policy is something our clients should investigate.
  3. Medicare. Medicare is the primary health insurance plan in place for people who are 65 years and older. Medicare can provide some short-term assistance with nursing home costs but will not cover extensive long-term care costs or assisted living facility expenses.
  4. Medicaid. Medicaid is a federal and state-funded benefit program created to assist people with nursing home expenses. It is available to people who meet tests relating to health, asset-level, and income.
  5. Veteran’s Benefits.Certain benefits may be available to wartime veterans or spouses of wartime veterans. These benefits are also subject to health, asset, and income tests.