Submitted by: Peggy R. Hoyt, J.D., M.B.A., The Law Offices of Hoyt & Bryan, LLC, Family Wealth & Legacy Counsellors, One Senior Place Resident Business

Many people today do not think about their future long-term care needs and, therefore, fail to plan appropriately. If individuals and families are more aware of their potential need for long-term care, they are more likely to take steps to prepare for the future.

Long-term care refers to a broad range of supportive medical, personal, and social services needed by people who are unable to meet their basic living needs for an extended period of time. Accident, illness, or frailty may result in conditions that include the inability to move about, dress, bathe, eat, use a toilet, safely take medications, and avoid incontinence. Also, care may be needed to help the disabled with household cleaning, preparing meals, shopping, paying bills, visiting the doctor, or answering the phone. Long-term care disabilities are often due to the cumulative effects of aging as well as cognitive impairment from stroke, depression, dementia, Alzheimer’s disease, Parkinson’s disease, etc.

Baby boomers will need to plan for their long-term care needs because, due to the lack of programs funded by the federal and state governments, individuals will need to pay for most of long-term care by themselves. The very nature of long-term care in our society is changing. Medical science is keeping us alive longer and there are fewer early sudden deaths. Fewer deaths mean more prolonged health problems requiring long-term care. In addition, the population of those over age 65 is increasing while the younger segments of our population are not, putting pressure on aging services, especially long- term care. It is predicted that an aging population over the next 20 years (the baby boomers) will cause a drain on state Medicaid programs, which are the primary source of funding for nursing home care.

The average cost of nursing home care in Florida is approximately $70,000 per year. Assisted Living care can range from $25,000 to $50,000 a year. In-home care costs can range from a relatively low amount to well excess of $ 70,000 depending on the level of care needed. Statistics show that after paying for one year of long term care, a significant number of older Americans are impoverished. To avoid becoming one of those statistics, consider long-term care planning to protect yourself, your future and your family.

THE LAW OFFICES OF HOYT & BRYAN, LLC
FAMILY WEALTH & LEGACY COUNSELLORS
MARGARET “PEGGY” R. HOYT, J.D., M.B.A. †*
RANDY C. BRYAN, J.D.† ‡
SARAH S. AUMILLER, J.D.
†BOARD CERTIFIED IN WILLS, TRUSTS & ESTATES
‡BOARD CERTIFIED IN ELDER LAW
*CERTIFIED LEGACY ADVISOR™

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