Wednesday, February 02, 2011

Need Help Paying For Long-Term Care?

As an Elder Law Attorney, I find the number one dilemma facing Seniors today is how to pay their rising Long-Term Care costs. 

One can expect to pay around $6,000 per month, or $72,000 annually, on Long-Term Care in many of North Carolina's Assisted Living and Skilled Nursing Communities.  In the absence of Long-Term Care Insurance, you do not need to be a Mathematician to understand that one can burn through assets it took them a lifetime to accumulate in a relatively short period of time. 

However, financial help is available for Veterans, with non-service connected disabilities, who:

1.      Served one day during a time of war,

2.      90 days of active duty, and

3.      Was other than dishonorably discharged. 

Through this increasingly known program, popularly called Aid and Attendance, a married Veteran may receive up to $1,949.00 per month; tax free for the rest of his/her life.  The surviving spouse of the wartime veteran is also eligible to receive up to $1,056 per month. 

I was recently told that as many as 1 out of every 3 residents of North Carolina Assisted Living and Skilled Nursing communities could qualify for this benefit with a little planning.

Alone, the Aid and Attendance benefit may not cover all of your Long-Term Care costs, but in many cases it will postpone the need for Medicaid by slowing the depletion of a family's assets.

Please consult with not only an Estate Planning or Elder Law Attorney, but specifically a VA Accredited Attorney for the full details before you apply for this benefit.  

T.R. Sanford II, JD, MBA

Admitted NC