LONG-TERM CARE PLANNING IS VITAL FOR THE LGBTQ COMMUNITY
Many LGBTQ Californians believe in spending for today instead of saving for tomorrow. Unfortunately, this approach may make it much more difficult when they grow older. If people need long-term care at some point in their lives, their partners may have trouble being able to pay for it.
When people need nursing home care, they will often go into a spend-down period until they are able to qualify for Medicaid. This involves using their assets to pay for their care out of pocket. The average cost of nursing home care is $6,000 per month. It may be difficult for their partners to afford paying this amount until they qualify for Medicaid.
Long-term care insurance can help LGBTQ couples to plan for the future. This insurance pays for nursing home care as well as for in-home care when people need help with the activities of daily living. As much as 44 percent of men and 72 percent of women will need help with at least one of the activities of daily life once they are older than 65 years of age. Long-term care insurance can offer help to people so that they and their partners can pay for the care that they need without depleting assets.
Long-term care planning is an important step for people as they are growing older. If people fail to plan ahead, their families may spend thousands of dollars trying to get them the care that they need. People might benefit by consulting with experienced elder law attorneys who might advise their clients about Medicaid planning and long-term care insurance. They may help their clients to preserve their assets and to get the care that they need without spending down their estates when they are no longer able to care for themselves.