• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Nirenstein, Horowitz & Associates P.C.

Estate Planning | Making a Difference One Family at a Time

An Estate Planning Law Firm
Making a Difference One Family at a Time

Call Now: (860) 548-1000

Attend a Complimentary Seminar
  • Facebook
  • Instagram
  • LinkedIn
  • Pinterest
  • RSS
  • Twitter
  • YouTube
  • Home
  • Our Firm
    • About Our Firm
    • Careers
    • Client Testimonials
    • Meet Our Team
  • Services
    • Asset Protection & Business Planning
    • Estate And Gift Tax Figures
    • Estate Planning
    • LGBTQ Estate Planning
    • Loss of a Loved One
    • Pet Planning
    • Powers of Attorney
    • SECURE Act
    • Special Needs Planning
    • Trust Administration and Probate
  • Elder Law
    • Alzheimer’s Disease
    • Caregiver Information
    • Emergency Medicaid & Nursing Home Planning
    • Guardianship & Conservatorship
    • Hospice Care
    • Medicaid Planning
  • Resources
    • Complimentary Estate Planning Worksheet
    • Complimentary Medicaid/Long-Term Care Calculator
    • DocuBank
    • Elder Law Resources
      • Glastonbury Elder Law Resources
    • Estate Planning Articles
    • Estate Planning Checkup
    • Estate Planning Definitions
    • Estate Planning Presentations
    • Estate Planning Seminars
    • Estate Planning Techniques
    • Frequently Asked Questions
      • Asset Protection and Business Planning
      • Elder Law & Medicaid
      • Estate Administration
      • Estate and Gift Tax
      • Estate Planning
      • Frequently Asked Questions for Families Without an Estate Plan
      • Incapacity Planning
      • In-Home Elder Care
      • Irrevocable Trusts
      • LGBTQ Estate Planning
      • Living Trust
      • Medicaid Planning
      • Nursing Home Asset Protection FAQs
      • Probate
      • Probate Avoidance
      • SECURE Act 2.0
      • Trust Administration
      • Wills
    • Newsletters
    • Probate Resources
      • Probate Resources
    • Published Books
    • Reports
      • Advanced Estate Planning
      • Basic Estate Planning
      • Estate Planning for Niches
      • Trust Administration
  • Seminars
  • Communities We Serve
    • Fairfield County
      • Darien
      • Fairfield
      • Stamford
    • Hartford County
      • Avon
      • Hartford
      • Simsbury
      • West Hartford
    • Litchfield County
      • Watertown
    • Middlesex County
      • Middletown
      • Old Saybrook
    • New Haven County
      • Middlebury
      • New Haven
    • New London County
      • Groton
      • Old Lyme
      • Stonington
    • Tolland County
      • Mansfield
    • Windham County
      • Woodstock
  • REVIEW US
  • Blog
  • Contact Us
Home » Elder Law » How Will You Pay For Long Term Care?

How Will You Pay For Long Term Care?

April 27, 2011 by Jeffrey A. Nirenstein, Estate Planning Attorney

When you have your finger on the pulse of the elder law issues of the day, one of things that really gets your attention is the rising cost of long-term care. According to the annual MetLife Mature Market Institute survey for 2010, the average cost for a year in a private room in a nursing home exceeded $120,000, and a year living in an assisted-living community would run you over $40,000.

Of course there are those who say “this will never happen to me,” but the statistics tell a different tale. According to the United States Department of Health and Human Services seven out of every 10 senior citizens will someday need some kind of long-term care, and around 40% will reside in a nursing home at some point. It should be noted that the average nursing home stay is between two and three years. When you look at the costs as stated in the above paragraph and do the math this can be a considerable expense to address late in your life.

The following are some of the ways that people typically address long-term care costs in the United States.

Medicaid

Medicare does not cover long-term care, but Medicaid does if you can meet the eligibility requirements. While Medicaid is theoretically intended to provide for “the poor” it is possible to qualify for Medicaid for the purposes of long-term care assistance while still retaining ownership of much of your personal property, including your home.

Direct Payment

Part of intelligent long-term planning is to identify expenses that you may face late in your life, making preparations over a period of decades in some cases to make sure that you have the resources to meet your financial responsibilities. So one way to address long-term care expenses is to simply write out a check drawn on funds you put aside for just this purpose.

Long-Term Care Insurance

You can also address long-term care costs by obtaining long-term care insurance coverage. The downside is that this type of insurance is expensive. But if you plan ahead and purchase the insurance before the premiums get too high due to your age it can be a viable option.

  • Author
  • Recent Posts
Jeffrey A. Nirenstein, Estate Planning Attorney
Jeffrey A. Nirenstein, Estate Planning Attorney
Founding Partner and Vice President at Nirenstein, Horowitz & Associates PC
Jeffrey A. Nirenstein is a founding partner and vice president of the law firm of Nirenstein, Horowitz & Associates, P.C. He received his bachelor of arts degree in government from Clark University and his law degree from New York Law School.

Mr. Nirenstein is licensed to practice before the courts of the State of Connecticut and the United States District Court. He is a member of the Connecticut and Hartford County Bar Associations, and the Estate and Probate, Elder Law, Business Law and Real Estate Sections of the Connecticut Bar Association.
Jeffrey A. Nirenstein, Estate Planning Attorney
Latest posts by Jeffrey A. Nirenstein, Estate Planning Attorney (see all)
  • IRS Announces Gift and Estate Tax Increases for 2024 - November 23, 2023
  • Schedule an Estate Plan Review with the New Year Approaching - November 7, 2023
  • Estate Administration: Navigating the Critical First Steps - October 19, 2023
Share our Content:

Filed Under: Elder Law Tagged With: Elder Law, Incapacity Planning, Long Term Care

Other Articles You May Find Useful

Medicaid spousal impoverishment
An Overview of Medicaid Spousal Impoverishment Rules
legacy protection
Take Precautions to Protect Your Legacy
Medicaid child caregiver exemption
Be Aware of the Medicaid Caregiver Child Exemption
Medicaid planning, Medicaid estate recovery mandate
Medicaid Estate Recovery Mandate Is Under Siege
elder financial abuse
Understanding and Combating Elder Financial Abuse
Medicaid planning
Medicaid Planning: What About the Healthy Spouse?

Primary Sidebar

Nirenstein, Horowitz & Associates

Upcoming Seminars

Estate Planning Seminar

Date: December 5

Venue: Sheraton Hartford South Hotel, 100 Capital Boulevard, Rocky Hill, CT, 06067, United States

Estate Planning Seminar

Date: December 5

Venue: Sheraton Hartford South Hotel, 100 Capital Boulevard, Rocky Hill, CT, 06067, United States

See all Seminars

Follow Us

  • Facebook
  • Instagram
  • LinkedIn
  • RSS
  • Twitter
  • YouTube

TESTIMONIALS

Blog Subscription

Our blog gives you the most up-to-date estate planning news. Sign up today to receive our regular updates!

  • This field is for validation purposes and should be left unchanged.

WESTPORT OFFICE

8 Wright Street, Suite 107
Westport, CT 06880
Phone: (860) 548-1000
Fax: (860) 761-1070
preserveyourestate_sidbr_map

Somerset Square

200 Glastonbury Boulevard, Suite 202
Glastonbury, CT 06033-4418
Phone: (860) 548-1000
Fax: (860) 761-1070
preserveyourestate_sidbr1_map

Office Hours

Monday8:30 AM - 5:00 PM
Tuesday8:30 AM - 5:00 PM
Wednesday8:30 AM - 5:00 PM
Thursday8:30 AM - 5:00 PM
Friday8:30 AM - 5:00 PM

Footer

footer-logo
  • Facebook
  • Instagram
  • LinkedIn
  • RSS
  • Twitter
  • YouTube

The information on this website is for general information purposes only. Nothing on this or associated pages, documents, comments, answers, emails, or other communications should be taken as legal advice for any individual case or situation. The information on this website is not intended to create, and receipt or viewing of this information does not constitute, an attorney-client relationship.

Privacy Policy | Contact Us | Disclaimer | Site Map | Powered by American Academy of Estate Planning Attorneys

© 2023 American Academy of Estate Planning Attorneys, Inc.