While no one likes to think about it, planning for nursing home care is now a reality for the boomer generation. Torrance elder law attorney R. Christine Brown shares the importance of planning for long-term care for the boomer generation and reveals how seniors can age with dignity and secure the care they desire should a health care crisis strike.
Torrance, CA – May 13-19 is National Skilled Nursing Care Week. As the 78 million baby boomers born between 1946 and 1964 in the United States enter their retirement years, planning ahead for long-term care has become a matter of urgency for an otherwise strong-willed and independent generation.
“Baby boomers have their heads in the sand about long-term care,” says Christine Brown, an elder law attorney in Torrance. “After bootstrapping their way to financial independence, the thought of losing their mental or physical abilities and having to rely on someone for help is simply unimaginable to them,” she adds.
Unfortunately, Brown says that failing to plan ahead can lead to even more unimaginable situations in the future.
Excessive Nursing Home Costs
Nursing home care in the Los Angeles area can run in excess of $8,000 per month and is not covered by private insurance or Medicare in most cases. Many times, seniors can find themselves blowing through their entire life savings during the first year of care alone, cautions Brown.
Unnecessary Loss of Assets
Brown says most seniors are in the dark about how to properly protect their assets should they need nursing home care. Most worry about losing their homes or their inheritance for their families and therefore turn to DIY asset protection strategies like gifting money away or adding family members to titles to avoid seizures from nursing homes.
“Many strategies that people use are risky, especially considering that there are look-back periods and penalties for “asset protection strategies” gone wrong. The job of an elder law attorney is to help seniors legally protect their assets should they require nursing home care in the future. With proper guidance and the use of tools like irrevocable trusts, seniors can keep what they’ve worked so hard for while still qualifying for public benefits to help pay for care,” she adds.
Wait Lists for Care
Brown also warns that many facilities, including VA nursing homes have wait lists that could limit a senior’s options if they wait until a medical crisis occurs to choose a desired nursing home.
“Don’t just assume that a nursing home with your desired amenities will be available if you have a health scare and can no longer live on your own,” warns Brown. “Some facilities have wait lists up to 3-5 years,” she adds.
Aging with Dignity Means Planning Ahead
Brown believes that baby boomers can age with dignity, have a say in their care, and preserve their independence simply by planning ahead.
Through the use of legal tools such as Powers of Attorneys, Health Care Directives, and Trusts, Brown says that boomers can make their wishes clearly known to family members, anticipate nursing home costs, protect their assets, and have a plan to go into the facility of their choice should a health care crisis occur.
“No one likes to think about the prospect of ever going into a nursing home, but the time to plan for it is now. Doing so helps to ensure you get the care and treatment you actually want, should something serious happen,” says Brown
For more information about National Skilled Nursing Care Week, visit the AHCA webpage. For more information about elder law attorney R. Christine Brown, visit SouthBayElderLaw.com or call (310) 782-6322.