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Attorneys Giving Families Peace Of Mind With Long-Term Care Planning

Americans are living longer. The unfortunate tradeoff in many cases is that as they age, people are increasingly likely to need more assistance than their loved ones can provide. This is where long-term care comes in. 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.

If you’re facing important decisions regarding LTC matters, contact Jurist Law Group, PLLC, to discuss them with our experienced and caring attorneys. Our firm can assist you with a wide range of issues, including:

  • Insurance planning for long-term care
  • In-home care and assisted living options
  • Nursing home negotiations
  • VA and Medicaid benefits
  • Placement support
  • Family support

We have been serving the elder law needs of clients for decades, and we have become a trusted resource in Little Rock and surrounding areas of Arkansas.

The Important Components That Should Be 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 health care 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.

Understanding The Costs Of Long-Term Care In Arkansas

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. About 70% of all individuals ages 65 and older will require some type of long-term care, so this is an issue that will impact most families.

The average cost of a nursing home in Arkansas is $100,008 per year or $8,334 per month as of 2022. For those who need around-the-clock care, costs can average as much as $175,000 a year or $15,000 or more per month. Considering that most people will need long term care for four to five years prior to death, these are not costs that most people can afford to pay out of pocket. Paying for long-term care can deplete a person’s entire estate if they don’t take measures to protect those assets.

Utilizing Long-Term Care Insurance

Insurance is one important option for managing costs. 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
  • Tax-free income benefits
  • Tax-deferred annuity options

All insurance matters can be complex, which is why we are here to answer your questions and address your concerns.

Contact Us Today To Discuss Long-Term Care Planning

Based in Little Rock, Jurist Law Group, PLLC, serves clients throughout the surrounding areas of Arkansas. If you’re interested in learning more about LTC insurance or other aspects of long-term care planning, our attorneys would be happy to discuss your options during an initial consultation. To get started, call us at 501-400-7355 or reach out online.