Protect Your Assets From the Cost of Long-Term Care
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Protect Yourself from Long-Term Care Costs
to pay for long-term The CLASS Act, part care continues to of the health care law perplex. The issue is a passed in 2010, has thorn in the side of the been scrapped. The middle class, threatCommunity Living ening to wipe out lifeAssistance Services times of savings and and Support Act was hard work in no time supposed to make flat. What to do? long-term, communiThe first thing you ty-based care more should do is look into affordable for seniors. And there was—and Joseph S. Karp, C.E.L.A. purchasing long-term certainly still is—a need for that. care insurance. Policies vary wideJust consider this: According to the ly. Use a trusted insurance advisor Florida Health Care Association, of and do rigorous research. And rethose turning 65 today, 69% will member, long-term care insurance require some form of long-term is no different than, say, fire insurcare during their lifetime. Assist- ance for your home. Sure it hurts ed living, at-home care, and nurs- to throw money at a problem that ing home care do not come cheap. may never occur—but you’ll be In fact, the current cost of a semi- grateful if you ever do need it. Secondly, talk to our law firm private room in a Florida longterm care facility is about $80,000 about including long-term planning in your estate plan. Many annually! Under the CLASS Act, working clients come to us believing they adults would have been able must spend down to virtually their last penny before tapping into Medicaid or veterans Listen to Joe Karp and Anita Finley benefits, and are pleason Saturday, November 19 from 7:30-8:00 AM antly surprised to learn on WSBR 740AM and on the that’s not necessarily the Internet at www.wsbrradio.com. case. You may be able to to insure themselves by making preserve a good portion of your contributions to a fund. After five family’s assets. It’s always better to years, if they became disabled and plan in advance than to react to a needed care, they could draw up health crisis, so call our firm today to $50 per day to help with the non- to learn about how to protect yourself from the cost of long-term care. medical costs of care. Unfortunately, the Department Joseph S. Karp is a nationally certiof Health and Human Services now fied and Florida Bar-certified elder law concludes that the CLASS Act is un- attorney (C.E.L.A.) specializing in the workable, for two related reasons: practice of Trusts, Estates and Elder Law. the premiums would be unaffordHis offices are located at 2500 able for most, and the program Quantum Lakes Drive, Boynton Beach would attract mainly unhealthy (561) 752-4550; 2875 PGA Blvd., individuals. According to the U.S. Palm Beach Gardens (561) 625-1100; Centers for Medicare and Medicaid and 1100 SW St. Lucie W. Blvd., Port St. Services, without taxpayer subsi- Lucie (772) 343-8411. To l l - f r e e f r o m a n y w h e r e : 8 0 0 dies, beginning in 2025 the program would cost the government 893-9911. E-mail: [email protected] or website www.karplaw.com. more than it took in. So we’re back to square one. For Read The Florida Elder Law and today’s seniors, and for tomorrow’s Estate Planning Blog at seniors who are still working, how www.karplaw.blogspot.com.
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to pay for long-term The CLASS Act, part care continues to of the health care law perplex. The issue is a passed in 2010, has thorn in the side of the been scrapped. The middle class, threatCommunity Living ening to wipe out lifeAssistance Services times of savings and and Support Act was hard work in no time supposed to make flat. What to do? long-term, communiThe first thing you ty-based care more should do is look into affordable for seniors. And there was—and Joseph S. Karp, C.E.L.A. purchasing long-term certainly still is—a need for that. care insurance. Policies vary wideJust consider this: According to the ly. Use a trusted insurance advisor Florida Health Care Association, of and do rigorous research. And rethose turning 65 today, 69% will member, long-term care insurance require some form of long-term is no different than, say, fire insurcare during their lifetime. Assist- ance for your home. Sure it hurts ed living, at-home care, and nurs- to throw money at a problem that ing home care do not come cheap. may never occur—but you’ll be In fact, the current cost of a semi- grateful if you ever do need it. Secondly, talk to our law firm private room in a Florida longterm care facility is about $80,000 about including long-term planning in your estate plan. Many annually! Under the CLASS Act, working clients come to us believing they adults would have been able must spend down to virtually their last penny before tapping into Medicaid or veterans Listen to Joe Karp and Anita Finley benefits, and are pleason Saturday, November 19 from 7:30-8:00 AM antly surprised to learn on WSBR 740AM and on the that’s not necessarily the Internet at www.wsbrradio.com. case. You may be able to to insure themselves by making preserve a good portion of your contributions to a fund. After five family’s assets. It’s always better to years, if they became disabled and plan in advance than to react to a needed care, they could draw up health crisis, so call our firm today to $50 per day to help with the non- to learn about how to protect yourself from the cost of long-term care. medical costs of care. Unfortunately, the Department Joseph S. Karp is a nationally certiof Health and Human Services now fied and Florida Bar-certified elder law concludes that the CLASS Act is un- attorney (C.E.L.A.) specializing in the workable, for two related reasons: practice of Trusts, Estates and Elder Law. the premiums would be unaffordHis offices are located at 2500 able for most, and the program Quantum Lakes Drive, Boynton Beach would attract mainly unhealthy (561) 752-4550; 2875 PGA Blvd., individuals. According to the U.S. Palm Beach Gardens (561) 625-1100; Centers for Medicare and Medicaid and 1100 SW St. Lucie W. Blvd., Port St. Services, without taxpayer subsi- Lucie (772) 343-8411. To l l - f r e e f r o m a n y w h e r e : 8 0 0 dies, beginning in 2025 the program would cost the government 893-9911. E-mail: [email protected] or website www.karplaw.com. more than it took in. So we’re back to square one. For Read The Florida Elder Law and today’s seniors, and for tomorrow’s Estate Planning Blog at seniors who are still working, how www.karplaw.blogspot.com.
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