Long-Term Care Planning  


 

Overview

Since Americans are living much longer these days, the cost of nursing care services is increasing due to demand.  How you pay for nursing care services is up to you. It is estimated that 2 out of 3 elders will need assisted services or full nursing care services during their lifetime.  In Ohio, the average annual costs of a semi-private room in a nursing home are well over $83,000. To that end, preparing for this cost is what we do.

There are four primary means of paying for nursing care costs –

  1. Private Pay
  2. Long-Term Care Insurance
  3. Veteran Benefits
  4. Ohio Medicaid    

1. Private pay is the least favorable of the options because your life savings, home, and other assets can be exhausted in a relatively short period of time.

2. Long-Term Care Insurance – even if you obtained insurance while you were younger the premiums soon become cost prohibitive and services covered usually do not provide for all of the expenses associated with nursing care services.  

3. Veteran Benefits – if you served on active duty in the United States armed forces continuously for more than 90 days and served at least one day during wartime, you qualify for Veteran’s benefits, however, there are asset and income limits.

4. Ohio Medicaid Program – is a joint effort with the federal government and the state of Ohio to help Ohioans to pay all or a portion of the cost of nursing care services.  Medicaid is a need-based program and to qualify you must meet certain asset and income thresholds. The Ohio Medicaid program is the single largest payer for nursing care services in the state of Ohio.  

The above methods of paying for your care are not exclusive from one another.  Rather, it is not uncommon to use more than one of the methods above to meet your future long-term care needs. We look to assist clients in preparing for their long-term care needs by taking steps today that will better help elders and their families manage the cost and expense of long-term care.