Long-term care needs should be addressed with incapacity and estate planning.
People are living longer.
Good news.
This is great news for those seeking to enjoy more time with loved ones and more active years.
Bad news?
It can also drive up costs for long-term care as demand and the time required for these services rise.
Despite the expected costs of long-term care, many Americans fail to plan for them.
Whether they falsely believe Medicare will cover these expenses or they do not know where to start, people leave themselves financially vulnerable.
Planning for these services promotes stability and independence for seniors.
Many seniors and their families are overwhelmed by long-term care costs due to poor planning.
Long-term care is for those who require assistance with activities of daily living.
What types of activities are these?
Daily living activities include feeding oneself, toileting, bathing, dressing, and transferring.
These services can be provided in the personal residence of the senior, in a nursing home, or in an assisted living facility.
Many Americans lack an adequate understanding of how commonly these services are required.
Several myths are common and can undermine long-term care planning.
What are they?
The first myth is the belief “I won’t need it.”
About 70 percent of adults aged 65 and older will require some long-term care.
The second myth is “Medicare will pay.”
Long-term custodial care is not reimbursed through Medicare.
Medicare limits coverage to short-term rehabilitative care.
The third myth is “I’ll rely on family.”
Although family can provide long-term care, there can still be significant financial and emotional costs, including care expenses and lost income.
By recognizing the truth of long-term care, adults can make more informed decisions for their future needs.
Long-term care costs can quickly deplete savings without proper planning.
Why?
Assisted living costs average $50,000 per year.
Nursing homes can cost more than $90,000 annually.
"Memory care" facilities cost even more!
Yikes!
The expenses can result in forced asset liquidation, reliance on Medicaid and compliance with strict eligibility, and emotional stress.
Elder law attorneys include Medicaid eligibility planning and Medicaid crisis services in their scope of practice.
They seek to help preserve assets while preparing for Medicaid applications, and may use specialized trusts to provide financial flexibility and protection.
At Harvest Law KC, we do not provide elder law services.
However, an online search for "Elder Law Attorneys near me" will reveal plenty of law firms that do provide such services.
Long-term care preparations are necessary to reduce the emotional and financial burdens on loved ones.
Contrary to what many believe, Medicare limits coverage to short-term recovery needs rather than long-term care.
With advance planning, elder law attorneys can help you navigate a variety of financial sources to help pay for long-term care.
Individuals and families should act early to provide their loved ones peace of mind and prevent financial hardship.
This post is for informational purposes only and does not provide legal advice. You should consult an attorney for advice on any specific issue or problem. Nothing herein creates an attorney-client relationship between Harvest Law KC and the reader.
Reference: ElderLawAnswers (May 14th, 2025) "Why Aren’t More Older Adults Thinking About Long-Term Care?"
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