If you have not explored the subject at all, you would do well to be aware of the looming specter of long-term care costs. Every year the MetLife Mature Market Institute puts out in-depth statistics on the subject and this survey is a great resource for people in the elder law community. The current numbers would indicate that the costs associated with a stay in a nursing home or assisted living facility are considerable, and they are on the rise according to experts.

In 2010 it cost no less than $229 per day on average to reside in a private room in a nursing home in the United States. This factors out to about $83,500 per year. People interested in residing in an assisted-living community could expect to pay an average of nearly $40,000 per year in 2010. The average length of stay for a man is 2.2 years, and for a woman it is 3.7 years. When you combine these figures you see that you could be facing some rather large bills toward the end of your life.

Fortunately there is an often overlooked veterans benefits that can help wartime veterans defray these costs: the Veterans Aid & Attendance special pension. A lot of people are not aware that they qualify for this benefit because the length of service requirements are surprisingly modest. If you served for at least 90 days with a minimum of one of these days occurring during a time of war you meet the requirement.

This benefit is intended to help veterans with financial need who require assistance with their day-to-day living chores, things like eating, feeding themselves, tending to medical issues, etc. Because of the need-based nature of this special pension if you have assets in excess of a certain amount you may not qualify. However, your home and your vehicle did not count toward this number.

If you are a wartime veteran, this special pension is something to keep in mind when you are making plans for the future. The Veterans Benefits Administration can provide you with more detailed information.

Ryan, Hicks, Cumpton & Cumpton LLP is a member of the American Academy of Estate Planning Attorneys.

Many elderly Americans need in home extra assistance with daily activities.  If you have an elderly loved one, you probably often worry about his or her safety and level of care.  It can be hard to know whether your loved one is receiving the proper care that is needed.

Do you think that your loved one may need in home care?  It’s important to understand the warning signs so that you can get your loved one the help that is needed.  Take a look at the guide below to learn more.  If you have any questions about the need for in home care, consult with an elder law attorney.

• Does your loved one always fall or slip?
• Is your loved one unable to perform personal hygiene tasks?
• Is your loved one unable to handle tasks around the house?
• Does your loved one need help preparing meals?
• Does your loved one have serious health problems that require attention?
• Is your loved one having trouble remembering to take medications?
• Is your loved one afraid to ask for help?

If you answered yes to any of the above questions, your loved one may benefit from in home care.  This service can allow your loved one to get assistance with daily activities and be able to live a more comfortable and stress-free life.

Consider your loved ones specific needs.  Make sure that you research various in home care services to find the best program for your loved one.  It’s important to choose a trustworthy and reliable company.  You will also want to explore different financing options for your loved one’s care.

It’s important to get your loved one the help that he or she needs.  If you have any questions about in home care, consult with a qualified elder law attorney.

Ryan, Hicks, Cumpton & Cumpton LLP is a member of the American Academy of Estate Planning Attorneys.

Many people consider investing in long term care insurance in order to help cover assisted living, home care, and/or nursing home expenses that Medicaid and Medicare do not cover. 

Although long term care insurance can be costly, it may be a good investment as nursing homes cost approximately $9,000 per month in 2011.  Medicare pays very little and you must be completely indigent to qualify for Medicaid.

Things to consider about long term care

• Many people never stay in a nursing facility during their lifetime
• Most long term care facility stays are less than a year
• Very few people stay in long term care facilities for more than a couple of years
• The average nursing home stay is 3 years
• Long term care can be costly, and can often cost $108,000 a year
• Government assistance programs may only pay for limited amount of costs  

Questions to ask when considering long term care insurance

• Do certain illnesses and diseases run in your family?
• Do you anticipate that you will need assisted living for any period of time?
• Are you able to pay the high premiums associated with long term care insurance?
• Will you be okay with putting money into something that you may never use?
• Would it be better to invest your money elsewhere? 

You will want to make sure that this is a worthwhile investment before purchasing. 

It is important to speak with an estate planning attorney in order to get your specific long term care questions answered.  With proper planning, you can arrange for the costs associated with long term care and other assistance programs.  You can also explore other options.    

If you have any questions about long term care insurance or estate planning, consult with an experienced estate planning attorney.

Ryan, Hicks, Cumpton & Cumpton LLP is a member of the American Academy of Estate Planning Attorneys.

Long-term care insurance is an essential component of any estate or retirement planning, given the rising costs of nursing home care and the aging of the population in this country. There are many choices in the insurance market place for this type of coverage. The following is list of some of the policy and benefit choices available.

• Generally, policies allow you to choose a daily benefit amount. They range for $50/day to as much as $500/day. This is the maximum daily expense amount the policy will pay. A growing trend is to state a monthly benefit amount.
• Option of choosing different daily benefit amounts for different types of care. For instance, Nursing home care may have a benefit amount of $100/day while in home care would only pay a daily benefit amount of $50/day.
• Choice of maximum lifetime benefits or total lifetime benefits you want the policy to provide.
• Type of coverage – comprehensive or facility only, facility only usually refers to Nursing home care while comprehensive may also include hospice care, assisted living care or respite care.
• Inflation Protection – this is an important option that everyone should consider. Inflation Protection would be built into the cost at the beginning of the coverage, rather than a large increase at a later date.
• Some policies also cover items that allow the policyholder to remain in the home longer such as equipment, home modification like ramps and safety bars, transportation to medical appointments and training of friends or family members to learn safe and appropriate personal care.

An important factor to consider when looking at policy options is to remember that nursing home costs today can average $7,000 to $10,000 a month. It is unclear if healthcare reform will have an impact on these costs. At that rate, a policy with a lifetime limit of $100,000 will be used up. Examine all possibilities before making a choice.

Ryan, Hicks, Cumpton & Cumpton LLP is a member of the American Academy of Estate Planning Attorneys.