Why Plan for Long-term Care?

7/27/2019 Why Plan for Long-term Care?

1/7

FORLONG-TERMCARE

WHYPLAN

ILANA F. DAVIDOV, ESQ.

MICHAEL DAVIDOV, ESQ., CFP

NEW YORK ESTATE PLANNING ATTORNEYS

There Is a Downside to Our Longer Life-spans, and

That Downside Is the Increased Possibility that

We Will One Day Require Some Form of Long-Term Car
http://www.davidovlaw.com/estate_planning/estate-planninghttp://www.davidovlaw.com/estate_planning/estate-planning


2/7

Why Plan for Long-Term Care? www.davidovlaw.com

We are currently living longer than ever before. Many of us are enjoying

more active lifestyles well into our senior years. Multiple factors have

contributed to this dramatic increase in longevity. Medical breakthroughs,

including more effective vaccinations and life-saving medical procedures,are only part of the story. Information about the value of improved diets

and regular exercise is more readily available to anyone with an interest.

Many individuals have taken personal control of their physical well-being.

However, there is a downside to our longer lifespans, and that downside is

the increased possibility that we will one day require some form of long-

term care. Almost 70 % of those currently over 65 will require some long-

term care in their lifetimes. Over one third will require care in a facility like

an assisted living center or nursing home.


3/7


WHAT IS LONG-TERM CARE?

Long-term care is support and services that allow you to meet your health

and personal needs over a long period of time. Most often this involves

assistance with activities of

daily living, which include

bathing, dressing, moving

from place to place, and

eating.

Also, care and support are

available for what are

considered to be instrumental activities of daily living. You may need help

with housework, preparing and cleaning up after meals, remembering to

take medicines, shopping, paying your bills, caring for your beloved pets or

reacting in emergency situations.

In some cases, care is provided by a friend or family member in your own

home. This option works best when care is of a shorter duration and your

prospective care giver is able to properly care for you.

If your care giver is not physically able to provide all the assistance you

need, you may consider outside options depending on your individual

needs. Home health aides, nurses or housekeepers are examples of

caretakers who may visit you in your home.

Some communities also offer adult day services, an example being


4/7


transportation to local stores and markets, or food delivery services.

When our needs can no longer be met by these services, we will have to

consider long-term care facilities.

This is your most expensive

option. Assisted living

communities are residential

units where patients may be

living in their own apartments,

and multiple levels of care are

available. In some communities,

some residents may require little

or no help in their activities of daily living; others may require more

extensive assistance.

WHAT ARE THE COSTS OF LONG-TERM CARE?

The costs of care will vary depending on the level of care and your location.

Residents of the New York City metropolitan area have been able to earn

wages and salaries well above national averages. New Yorkers also pay

more for most goods and services compared to other less affluent parts of

the country. Long-term care costs will unfortunately be in step with these

higher costs.

In the New York City area, home health aides earn an average of $19 per

hour, and homemaker services cost an average of $18 per hour. Adult day

services average $124 per day.


5/7


Your average monthly costs in an assisted care facility are currently over

$4500, while semi-private rooms in nursing homes are averaging $361 per

day, and private rooms are $381 per day.

HOW AM IGOING TO PAY FOR LONG-TERM CARE?

Medicare and most private health insurers will pay nothing toward the

costs of long-term care. There are a few exceptions, and it is always a good

idea to review any existing policies carefully.

Some people purchase long-term care insurance, which will cover room and

board in approved facilities. Again, you

should review your policies to see to what

extent services will be covered.

You as an individual will be responsiblefor at least some, if not all of the costs of

your long-term care. You should research

facilities that may be of interest to you in

the future. Some facilities may charge

higher initial fees and include more

services.

Others may charge a considerably lower daily or monthly fee while charging

for many services on an la carte basis. Get any and all estimates in writing

before making any decisions.

It is always best to plan

ahead when you have

time and information

available to you, and you

are fully capable of

making important

decisions.


6/7


It is always best to plan ahead when you have time and information

available to you, and you are fully capable of making important decisions.

When we are forced to make quick decisions during an emotionally charged

time, we are not always capable of the very best choices.

WHO CAN HELP ME PLAN FOR LONG-TERM CARE?

You are in charge of your long-term care plan when you are fully healthy

and competent. Your previous experience, if any, will help you begin to

navigate this often confusing path.

The best thing you can do in this process is to consult the best professionals

for the job. Your financial advisers can provide some useful information as

they know you and your financial condition.

Elder law attorneys are specialists in helping you with any questions about

planning your long-term care, or that of a family member. They can alsocoordinate your potential care needs in relation to preserving your current

holdings for future generations.

REFERENCES

http://www.longtermcare.gov/LTC/Main_Site/Index.aspx

http://www.medicare.gov/what-medicare-covers/not-covered/item-and-services-not-covered-by-part-a-and-b.html

http://www.longtermcare.gov/LTC/Main_Site/Tools/State_Costs.aspx?rand=8&nameclass=County&map=NY&full=New%20York#data
http://www.longtermcare.gov/LTC/Main_Site/Index.aspxhttp://www.medicare.gov/what-medicare-covers/not-covered/item-and-services-not-covered-by-part-a-and-b.htmlhttp://www.medicare.gov/what-medicare-covers/not-covered/item-and-services-not-covered-by-part-a-and-b.htmlhttp://www.medicare.gov/what-medicare-covers/not-covered/item-and-services-not-covered-by-part-a-and-b.htmlhttp://www.longtermcare.gov/LTC/Main_Site/Tools/State_Costs.aspx?rand=8&nameclass=County&map=NY&full=New%20York#datahttp://www.longtermcare.gov/LTC/Main_Site/Tools/State_Costs.aspx?rand=8&nameclass=County&map=NY&full=New%20York#datahttp://www.longtermcare.gov/LTC/Main_Site/Tools/State_Costs.aspx?rand=8&nameclass=County&map=NY&full=New%20York#datahttp://www.longtermcare.gov/LTC/Main_Site/Tools/State_Costs.aspx?rand=8&nameclass=County&map=NY&full=New%20York#datahttp://www.longtermcare.gov/LTC/Main_Site/Tools/State_Costs.aspx?rand=8&nameclass=County&map=NY&full=New%20York#datahttp://www.medicare.gov/what-medicare-covers/not-covered/item-and-services-not-covered-by-part-a-and-b.htmlhttp://www.medicare.gov/what-medicare-covers/not-covered/item-and-services-not-covered-by-part-a-and-b.htmlhttp://www.longtermcare.gov/LTC/Main_Site/Index.aspx


7/7

Why Plan for Long-Term Care? www davidovlaw com

About the Authors

Ilana Davidov and Michael Davidov

Ilana Davidov, Esq. and Michael Davidov, Esq., CFP, are

partners in the law firm of Davidov Law Group, P.C. Their areasof expertise include estate planning, elder law, Medicaid

planning, tax law, trust and estate administration, as well as

estate litigation. Together they have represented hundreds of

families, creating their estate plans and helping them navigate

long-term care and tax issues.

Ilana Davidov has been practicing law for over a decade. Her

varied professional career includes a position as a former Court Attorney for the New York State

Supreme Court, Appellate Division. She has served as counsel to a Long Island firm where she practiced

in the areas of estate planning and real estate. Over the years, Mrs. Davidovs experience has included

serving as legal counsel to a title agency, several real estate developers, and representing over 25 lending

institutions. Today, clients turn to Mrs. Davidov to help preserve their legacies and plan for the future.

Michael Davidov works as an advocate for seniors and their families, executors, trustees, and

beneficiaries. He practices before the Surrogate Court, Supreme Court and before Administrative

agencies in matters relating to guardianship proceedings, will contests, fiduciary misconduct actions,

accounting proceedings, kinship trials, proving the rights of non-marital children, Medicaid fair hearings

and Veterans benefits eligibility. Mr. Davidov is an accredited attorney with the Veterans Administration

since 2008, and is also a Fellow of the American Academy of Estate Planning Attorneys. Adding further to

his list of accomplishments, Mr. Davidov holds a designation as a Certified Financial Planning

Professional. He was selected as a Super Lawyer to the 2013 New York Metro Rising Stars List, hasbeen designated as a King of Queens.

Both Ilana and Michael Davidov are regular lecturers at public and private workshops, as well as

contribute articles and interviews on topics relating to estate planning and elder. They are members of

the American Academy of Estate Planning Attorneys, and the New York State and Queens County Bar

Associations. They are both fluent in Hebrew and Russian.

Davidov Law Group

www.davidovlawgroup.com

80-02 Kew Gardens Road, Suite 605

Kew Gardens, NY 11415

Phone: 718-793-7000

Fax: 718-793-7222
http://www.davidovlawgroup.com/http://www.davidovlawgroup.com/

Why Plan for Long-term Care?

Documents

Transcript of Why Plan for Long-term Care?