Chicago Long-Term Care Lawyers
One of the greatest challenges older individuals face is the reality that they will need assistance from others to carry out daily tasks. For many people, relying on family members is not an option. Long-term care gives seniors the sense of security that comes with dedicated staff members who are onsite to meet their needs. Even if you are not yet at a stage of your life where you will require this type of assistance, you can save yourself and your family a great deal of stress by beginning to plan for long-term care now.
The Chicago elder law attorneys of Peck Ritchey, LLC can help you assess your financial situation and determine the best course of action to prepare for your future. We can help you understand whether you might qualify for Medicaid or will require long-term care insurance. Our attorneys have over 100 years of combined experience working with older individuals, and we are ready to help you craft a long-term care plan that will suit your needs.
Why Is Long-Term Care Planning Necessary?
Most older adults will require long-term care at some point in their lives. Nearly seven out of ten Americans over the age of 65 will eventually need long-term care, which is why planning for this distinct possibility is essential. Yet planning for long-term care is not just about choosing a pleasant facility near your loved ones, although these factors are certainly important as well. The primary reason long-term care planning is so vital is that the associated costs can be surprisingly high.
As of 2021, home health aide services cost an average of over $60,000 a year. A semi-private room in a nursing home is nearly $95,000 per year. With the average length of care at three years, many seniors do not have sufficient funds in their retirement savings to cover these costs. If you develop an illness or disability at a younger age, you may need long-term care for far longer. Such situations could both deplete your financial assets and become a burden on your loved ones.
The Chicago long-term care attorneys of Peck Ritchey, LLC understand what is necessary to create a strategy to help you pay for the care you may need. Our elder law professionals will listen to your needs and goals, assess your current resources, and develop a thorough plan to support your future long-term care needs.
What Is Long-Term Care Insurance?
Traditional health insurance does not cover long-term care, and Medicaid covers long-term care only for those under 65. As such, you will need to purchase a dedicated long-term care insurance policy that can pay for the costs you incur when addressing your long-term care needs. You will need to consider each policy carefully. A knowledgeable long-term care attorney can help you assess such factors as:
- The cost of the policy – Insurance premiums for long-term care tend to increase as you age. Our attorneys will carefully assess how much you will end up paying over the lifetime of each policy so you can find one that offers the most competitive rates.
- Benefits caps – If you purchase a policy with a cap on benefits, you may need to pay for any additional costs out-of-pocket.
- Waiting period – Policies with a waiting period will only cover expenses you incur after holding the insurance for a certain period.
- Automatic termination – It is essential to understand whether a policy terminates automatically once you reach a certain age.
The attorneys at Peck Ritchey, LLC will assess your current situation and help you determine which long-term care policy will work best for you.
Can I Use Medicare or Medicaid for Long-Term Care?
If you use Medicare to pay for most of your healthcare costs, you may be disappointed to learn that it will not cover long-term care expenses.
However, you might be able to access certain long-term care facilities for a two-to-three-year period via Medicaid. Many worry that their income or assets disqualify them from Medicaid. Yet you might be surprised to learn that you can keep assets such as your home, car, and personal belongings and still access Medicaid benefits.
Qualifying for Medicaid for long-term care costs can be confusing. A successful application will require you to follow a strict set of rules and procedures. The qualified attorneys at Peck Ritchey, LLC can help you navigate this complicated process.
Benefits of Long-Term Care Planning
As you grow older, you might notice that you have a more challenging time performing certain tasks. Such disabilities may develop because of progressive diseases such as dementia, traumatic accidents, or sudden strokes. While nobody likes to imagine themselves losing their capacity to look after themselves, planning early for such a possibility can save you a great deal of stress in the future.
Long-term care can assist you with activities such as:
- Caring for pets
By trusting a professional caregiver to help you, you can give yourself and your loved ones peace of mind. Planning your long-term care with a skilled elder law attorney will ensure that your access to care will be in place when you need it.
Contact an Experienced Chicago Long-Term Care Attorney
Creating a plan for your long-term care may be one of the greatest gifts you can give your future self. If you would like to start planning now, the Chicago elder law attorneys at Peck Ritchey, LLC are ready to help you work through the process. Our goal is to make planning for your later years as effective and efficient as possible. With a comprehensive plan in place, you can enjoy your retirement years without worrying about what might happen as you get older.
Don’t leave planning to make sure your oldest years are comfortable until they’ve sneaked up on you. Call (855) 328-5787 or contact us online today for a free and confidential consultation with one of our seasoned elder law attorneys. We will listen to your needs and develop an individualized plan to suit your unique situation. You’ll gain the peace of mind that comes with knowing your future is secure.