What is long-term care, when do we need it and how do we plan for it?

Long-term care is a phrase that describes an array of services provided by skilled nursing professionals who support individuals who need assistance due to mental or physical limitations, or both. These limitations may be caused by illness, injury or diminished mental capacity.

Anyone concerned with the potential for the need to receive long-term care services either for themselves, family or friends should consider planning. Typically, senior citizens, or children of senior citizens, seek planning.

Long-term care services are usually paid for by the patient or their family out of 1.) personal assets, 2.) federal programs such as Medicaid, 3.) long-term care insurance policies, or 4.) some combination of these. Recently, patients have been using their home equity through mortgage programs such as reverse mortgages, or, selling their homes outright, to pay for these services.

Source:  Craig Berman is an attorney and certified public accountant who practices estate planning and elder law in Timonium, Md. He can be reached at www.bermanlaw.net.

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