How to Protect Your Assets from the Devastating Costs of Long Term Care

It may not be pleasant to think about, but it’s important to consider that you or a loved one may need some type of skilled medical care in the future. That could mean in-home care, adult day health care, or stays in a senior living community or nursing home. Are you prepared to cover the costs of skilled medical care should the need arise? At Slutsky Elder Law, we specialize in providing legal advice and representation for seniors, and we believe that preparing for long-term care expenses is more important now than ever before. As trusted estate lawyers in Montgomery County, PA, we would like to share some information about long-term care and how you can protect your assets from being lost if you need skilled care.

The Costs of Long Term Care

The price tag for skilled medical care services has risen significantly over the past two decades. According to statistics compiled by Genworth Financial, the national yearly average for a private room in a nursing home is about $105,000; in the Philadelphia area, that figure is even higher. Staying in a private room in a nursing home in Philly or its suburbs could cost nearly $150,000 per year! It’s also important to remember that most insurance plans (including Medicare) do not fully cover extended stays in skilled medical facilities. When you consider that 7 out of 10 people will need long-term care at some point in their lives, it quickly becomes clear that long-term care expenses should be a part of everyone’s estate planning.

Protecting Your Assets from Long Term Care Expenses

If you want to make a plan to cover long-term care – and you absolutely should be – the good news is that there are a range of insurance products designed to cover extended skilled care. Long Term Care Insurance products are more popular than ever, and while we do not sell or broker long-term care insurance products directly, we have years of experience advising our clients about them. If you have questions about long-term care insurance or other insurance products, we have the answers you are looking for. Finding the right plan can be confusing for someone who has never dealt with long-term care insurance before; that’s why it makes sense to speak with an attorney who specializes in estate planning and other legal areas concerning seniors. Slutsky Elder Law can advise you about the amount of coverage you need for your situation, as well as specific types of coverage you may want to purchase.

Finding a Reliable Elder Law Attorney in Montgomery County, PA

Elder Law Attorney Robert Slutsky has been practicing law since 1992 and has aggressively advocated for the specific legal concerns of seniors since 1999. If you are looking for a law firm that understands the needs of seniors, you can count on us. Call us at (610) 940-0650 or fill out the online form on our contact page any time you need the advice of an elder care lawyer in Delaware County, PA, or nearby communities.

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