Long-term Care: Are You Prepared?

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Are You Prepared?
CARE
LONG-TERM
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Elder law attorneys help people who are trying
to prepare themselves for their twilight years
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Long-term care is one of the primary concerns
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In this presentation we will look at a number of
things that you need to know about long-term care
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Who Will Need It?
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Who Will Need It?
The majority of senior citizens will eventually
require long-term care
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According to the United States Department of
Health and Human Services 70 of Americans will
need long-term care eventually
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Clearly, this is something that is relevant to
each and every one of us
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How Expensive Is It?
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A stay in an assisted-living community or a
nursing home is very expensive
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In 2012 the average annual expense for a private
room in a nursing home in the Minneapolis area
was over 90,000
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A month in an assisted-living community averaged
3185
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A month in an assisted-living community averaged
3185
This is about 38,000 a year
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What Is the Typical Length of Stay?
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A government survey concluded that the average
length of stay is around two years and three
months
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10 percent of people residing in nursing homes
will stay in the homes for at least five years
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An average stay in a nursing home in Minneapolis
could generate around 200,000 in costs
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Medicare Pays That, Right?
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When you hear about the high costs associated
with long-term care you may be unconcerned
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After all, you will be qualified for Medicare
coverage as a senior citizen
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In fact, Medicare is NOT A SOLUTION
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The program won't pick up the tab for an extended
stay in a nursing home or assisted living
community
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Where Can You Turn?
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Medicaid is a joint federal-state program that
will assist with long-term care expenses if you
can qualify
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In the state of Minnesota this program is called
Medical Assistance
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It may surprise you to hear that Medicaid pays
for most of the long-term care that is being
received by seniors here in the United States
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Will I Lose Everything?
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There are upper asset limits that you must stay
within to qualify for Medical Assistance
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There are upper asset limits that you must stay
within to qualify for Medical Assistance
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However, you can make sure that a significant
store of assets remains in the family if you
plan ahead effectively
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Your home (up to 536,000 in equity) and your
primary vehicle are not considered to be
countable assets
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And, your spouse can keep his or her half of
community assets up to 115,920
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How Do I Go About It?
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Clearly, the rules that govern the Minnesota
Medical Assistance program are somewhat
complicated
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The first step would be to discuss everything
with a licensed elder law attorney
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Your lawyer will look at your financial situation
and give you the appropriate advice
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Minneapolis Elder Law Consultation
Minneapolis Elder Law
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• When you work with an attorney as you plan ahead
  for the future
• you can be certain that you are optimally
  prepared

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If you live in the greater Minneapolis area we
would like to invite you to contact us to
schedule a free elder law consultation
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