Sooner or later, most all of us will need help with our daily activities. The type of help needed can range from a little to a lot, and can include the following:
- Food preparation
- Grocery shopping
- Laundry assistance
- Medication management
- Mobility assistance
- Bathing assistance
- Dressing and grooming assistance
When a time arrives where you might require help, it is important to consider moving to an assisted living community. Luckily, there is an enormous selection to choose from. Nationwide, some 29,000 assisted living communities exist, each one offering a variety of services and amenities.
Naturally, you want to remain as independent as possible for as long as possible. Consequently, you’ll want to realistically assess your needs before choosing which type of assisted living is best for you. Common choices include the following:
- Independent living, i.e., a retirement community where you have your own house or apartment and provide most of its indoor maintenance and functions
- Residential care, i.e., an adult family home, personal care home, etc. where you live in a more group-type setting and receive personalized help and attention from the staff
- Continuing care retirement community where you initially live independently, but then progress to greater levels of care as the need arises
- Assisted living community where you typically have your own small apartment, but also have 24/7 access to a trained staff of caregivers
- Skilled nursing facility, i.e., nursing home, where you receive 24/7 assistance with health management, meals, activities, etc.
Unfortunately, any type of assisted living comes at a cost. Depending on the type and amount of help you need, you could face paying between $4,000 and $8,500 a month, which translates into an annual cost of $48,000 to $102,000. Furthermore, Medicare does not cover any of these costs. Medicaid often does, but you need to qualify to receive these benefits.
Fortunately, AmeriEstate Legal Plan, Inc. is here to help you plan for the future. Our elder care law services include all of the following:
- Medicaid planning and application
- Long-term care planning
- Veterans Administration benefits application
In addition, we can provide you with the help you need with the following estate planning documents:
- Updated will
- Asset protection planning
- Advance directive
- Medical power of attorney
Start Planning Today
It goes without saying that the sooner you begin planning for your potential assisted living costs, the better chance you have of protecting your assets from being eaten away. You also need to be aware of the fact that when you apply for Medicaid benefits, a 5-year look-back period applies. What this means is that Medicaid officials look at all your financial transactions during the five years preceding your application. If they find anything that looks like deliberate self-impoverishment, they likely will deny your application.
If you’re ready to begin the planning process, contact AmeriEstate Legal Plan, Inc. today. You’ll be glad to know that we’ve helped over 40,000 families plan for the future and protect the people and things they hold dear. We stand ready, willing and able to help you, too.