Long-term care (LTC) is a term that has many facets to its definition. It is comprised of a variety of services that meet medical and non-medical requirements for people who cannot care for themselves for long periods of time. This system of care is distinctly tailored to individual needs and can be offered through both formal and informal channels. Formal facilities that provide long term care go by various names such as residential continuing care facility, nursing home, and personal care facility. Informal long-term care is often provided, in its earlier stages, by a family member who is willing to provide their parent personal care, meals, laundry services, housekeeping, and transportation services to and from appointments.
People in this situation are commonly known as the “sandwich generation,” as they juggle the responsibilities of raising their children while also looking after their elderly parents. The stress of providing practical living and emotional care as well as financial support for two sets of generations, as well as themselves, can become overwhelming and have negative effects on the provider’s self-care and well-being. It is a difficult decision to make but at some point, formal LTC becomes a necessity for some parents.
When it’s time for Long-term Care.
When the time comes for your parent to be placed in a formal long-term care arrangement, things can get complicated very quickly. If a parent has not planned for their own aging process finding the right facility that accepts their healthcare coverage can be daunting. If a parent has very little income and assets, they may be able to qualify for Medicaid, know as MaineCare here in Maine. However, because Medicaid has strict income and asset requirements, this can leave the spouse at home with very little to live on. It is important to engage an elder law attorney to help make a decision about Medicaid eligibility. An elder law attorney may be able to protect more assets for the parent who remains at home through legal planning strategies.
Conversely, if a parent is very financially stable, then it may be possible to pay thousands of dollars a month to a quality health care facility. However, years of paying thousands of dollars a month can severely impact their savings and ability to leave a legacy to their children.
With proper legal advice, a plan to pay for care without losing everything is possible.
What about parents who find themselves stuck in between? It is another type of sandwich, the “financial sandwich” – seniors not poor enough to qualify for Medicaid but not wealthy enough to cover their own costs. There are still options available to those who fall into this category.
It is never too late (or too soon) to talk to an elder law attorney about options to find and pay for long term care.
Long-term care is becoming more expensive and less accessible as the increasing baby boomer population continues to put a strain on the US health care system. It is essential to initiate conversations with your parents regarding their preferences for long-term care, should it become necessary. This includes discussing their desired location for receiving care and the methods of financing such care. It’s important to document your parent’s wishes in appropriate legal documents that name an agent to make decisions if your parents are unable to.
We would be happy to assist you in managing these matters and creating a plan that secures your parents’ care and financial security. Reach out to us at (207)848-5600 or check our CONTACT page.
