Leesburg Elder Law Attorney
Most of us will eventually rely on some form of long term care as we age. While roughly one in six Americans are currently over the age of 65, according to Statista, that number is expected to climb to nearly one in four by 2050. The financial tools available to seniors in this country are already slim, and as the population ages, it may become increasingly difficult to procure these valuable social programs, such as long term care and long term disability. The difference between aging comfortably and leaving a legacy for your children and grandchildren, and entering your golden years with fear and doubts about the future lies in your actions now; by working with an attorney, you can set yourself up for financial and long term success. At the Law Offices of Shea A. Fugate, P.A., our experienced Leesburg elder law attorneys are available to assist you with all of your long term care needs.
Getting a Head Start on Long Term Care Planning
Long term care is expensive. It is so expensive, in fact, that 80 percent of middle income seniors will be unable to afford the annual average cost of $62,000 for long term care (plus out of pocket medical expenses), according to researchers and the New York Times. Nursing home care is the most expensive type of long term care, with a private room costing over $90,000 a year for a semi-private room in Florida. Assisted living is around $3,000 per month, and more if Alzheimer’s or memory care is needed. Even independent living facilities are out of most people’s expense range, which cost $2,000 to $3,000 per month. If an individual cannot afford these expenses, they will be forced to sell off all of their assets in order to qualify for Medicaid, which pays for long term care. This will leave their family with nothing in terms of inheritance, despite a lifetime of working and saving. However, there are other options. By working with a long term care planning attorney, you may be able to create a trust, which allows you to qualify for Medicaid without having to spend down all of your assets. Another option is to purchase long-term care insurance, which is quite affordable for young, healthy adults and may be a smart investment to make for the long term future.
How to Reverse a Long Term Disability Denial
Some workers are insured by long-term disability (LTD) insurance, which replaces an injured or ill worker’s income in the event that they become permanently disabled. LTD insurance is purchased privately, or through an employer. Unfortunately, many workers are denied benefits when they attempt to use their insurance after a disabling event, or they find that their benefits are slashed while they are still disabled. Whether you have been denied due to bad faith or some other reason, an attorney can bring a civil case for financial damages.
Contact a Leesburg Elder Law Attorney
Here at the Law Offices of Shea A. Fugate, P.A., our experienced Leesburg elder law attorneys are available to assist you with all of your long term care needs, including long-term disability denials, Medicaid planning, and much more. Contact us today to schedule a free consultation.