Are You Financially Prepared for the Rising Costs of Long-Term Care?
Did you know that nearly 70% of Americans turning 65 today will require some form of long-term care during their lifetime? Even more alarming, 1 in 5 seniors will need care that lasts longer than five years.
The costs can be staggering, whether it is home health services, assisted living, or nursing home care. For example, the average private nursing home room costs $10,025 per month, adding up to $120,300 per year. Without the right financial plan, these expenses can quickly drain your retirement savings and burden your loved ones.
Welcome to Foust & Foust, PLLC, your trusted boutique law firm specializing in estate planning, probate, and trust administration. With a dedicated team of experienced attorneys, we provide personalized legal solutions to help you protect your legacy and secure your family’s future.
The Rising Cost of Long-Term Care: What Every Family Needs to Know
Long-term care is no longer a luxury—it’s a growing necessity for aging individuals and their families. The expenses can escalate quickly from daily assistance with basic activities like bathing and dressing to round-the-clock skilled nursing care.
Unfortunately, most families aren’t financially prepared. Relying on personal savings alone can put your home, retirement funds, and family’s financial future at risk.
How to Pay for Long-Term Care: Your Three Main Options
When it comes to funding long-term care, families generally have three options:
1. Private Pay
Paying out-of-pocket may work for those with substantial savings, but this can quickly deplete your nest egg, leaving little to nothing for your spouse or heirs.
2. Long-Term Care Insurance
Long-term care insurance is an excellent solution if purchased early. However, many families find themselves without coverage when they need it most because they didn’t plan ahead.
3. Medicaid
Medicaid is government assistance designed to help eligible individuals cover the cost of long-term care. However, qualifying for Medicaid is complicated due to strict income and asset requirements.
The Solution: Professional Medicaid Planning Services
This is where Foust & Foust, PLLC, comes in. We specialize in Medicaid Planning and Elder Law, helping families:
- Qualify for Medicaid without spending down all their assets
- Protect their home and life savings from nursing home costs
- Develop a personalized long-term care plan for peace of mind
Our team guides you through every step with compassion and clarity, making the process less overwhelming.
Two Types of Medicaid Planning: Proactive vs. Crisis Strategies
At Foust & Foust, PLLC, we offer two tailored Medicaid Planning approaches to fit your unique situation:
Proactive Medicaid Planning (Plan Ahead)
Ideal for those who aren’t in immediate need of long-term care.
- Focuses on trust-based asset protection
- Involves strategic gifting and irrevocable trusts
- Helps you qualify for Medicaid in the future while preserving your wealth
Crisis Medicaid Planning (Immediate Need)
For families facing urgent care needs right now or in the near future.
- Focuses on immediate Medicaid eligibility
- Uses Medicaid-compliant spend-down strategies
- Helps protect as many of your assets as possible, even at the last minute
How Foust & Foust, PLLC, Helps You Move Forward
Whether you’re planning ahead or facing a crisis, we’re here to help you protect your financial future. Here’s how we work with you:
1. Personalized Evaluation
We start by understanding your complete financial, medical, and family picture to build a plan that meets your specific goals.
2. Medicaid Eligibility Planning
Our experts legally structure your assets, using proven strategies to help you qualify for Medicaid without sacrificing everything you’ve worked hard to build.
3. Medicaid Application Assistance
From start to finish, we manage the entire application process, reducing stress and increasing your chances of approval.
Take Control of Your Future Today
Don’t wait until it’s too late to start planning. The earlier you start, the more options you’ll have to safeguard your home, savings, and family’s financial well-being.
Call (865) 203-4041 today to schedule your consultation with Foust & Foust, PLLC. Let us help you navigate the complexities of long-term care and Medicaid Planning.
