Long-Term Care Planning
What is Long-Term Care?
Long-term care includes a range of services and support for people coping with physical and cognitive decline or who need assistance with daily living, from in-home care to nursing home and hospice care.
The Jurist Law Group can help families with:
- Insurance planning for long-term care
- In-home care and assisted living options
- Nursing home negotiations
- VA & Medicaid Benefits
- Placement support
- Family support
What Are the Important Components That Should Be a Part of Every Long-Term Care Plan?
The most important component of a long-term care plan—believe it or not—is a power of attorney. The creation of all long-term care plans, in fact, should start first with the power of attorney as that is what gives you the authority to create all of the other documents that you may need (except, in some cases, such as a living will or the last will and testament). In addition to deciding who will make decisions for you once you need care and are unable to make decisions for yourself, the power of attorney can be used to avoid guardianships, create a trust, and execute healthcare directives. It’s the essential ticket to making decisions, taking care of the proper things based on need, and filling in the gaps between whatever hasn’t been planned yet. Read more
How Much Is Long-Term Care Generally in Arkansas? Can the Average Person Afford to Pay Out of Pocket for Such Costs?
The average person cannot afford to pay out of pocket because the cost of care is so expensive. When we talk about long-term care in Arkansas, we’re talking about basically four types of care: episodic or occasional homecare, around-the-clock homecare, assisted living, or skilled nursing care with a high level of support. Read more
- 70% of all individuals ages 65 and older will require some type of long-term care
- The average cost of a nursing home in Arkansas is $68,988 per year.
- Average length of stay for nursing home care is 2-3 years.
- Average cost for 24/7 care at home is $175,00 per year
- Average lifespan for men is 76, and 81 for women.
- Life expectancy for an 85-year-old man is 6 years and 7 for a woman.
- The average life expectancy after a diagnosis of Alzheimer's is 8 to 10 years
- Most people will need long term care for 4 or 5 years prior to death.
Asset-based long-term care insurance provides:
- Control over your care options
- Guaranteed Premiums that never increase
- Guaranteed Benefits with Lifetime options
- Guaranteed Death Benefits
- Guaranteed Cash Value and Growth
- If you don't use it, you don't lose it
- Whole Life Policy Options
- Control over your finances
- Joint Policy Options
- Single Pay Options
- Continuous Pay Options
- Qualified (IRA) Options
- Provides Tax-Free Income Benefits
- Tax-Deferred Annuity Options
Call For A No-Risk Consultation