Many people assume that they won’t need long-term care. But, odds are, the vast majority of Americans will require long-term assistance. It is important to know that it is necessary to plan ahead for this possibility. The need for at-home aide or checking into a nursing home may be in your future.


Most studies in the future of elder care suggest that about 75% of all Americans will require some form of long-term care as they age. Most people only consider planning for long-term care once they are close to needing it. But you can start saving and planning for your elder care needs today.


Medicare is paid for out of your paycheck now. This comes out of taxable wages up until a certain level. As you continue to work, you end up putting more money away into Medicare. Medicare covers medically necessary expenses for acute care; such as doctor visits, prescriptions, and hospital visits. It does not cover most long-term care or personal care.
Medicare will provide initial coverage after age 65, in most cases. If you are under 65, but are receiving Social Security Disability benefits, you can also collect from Medicare. People of all ages diagnosed with Amyotrophic Lateral Sclerosis (ALS or Lou Gehrig’s disease) or end-stage renal disease can also collect from it. It also provides a limited amount of home care or short term rehabilitation care after a hospitalization.

Long-Term Care Insurance

Long-Term Care Insurance can be an important step in the right direction towards planning for the future. This type of insurance provides a policy plan to cover services and support. Price and coverage will vary case-by-case. This is probably one of the best ways to start preparing for long term coverage. However, pre-existing conditions can make these insurance rates expensive. Long-Term Care Insurance laws can operate on local, state, and federal levels. To explore the full extent of your rights and options, speak with your Elder Law attorney, as well as your policy provider, to discuss the plan that is best for you and your family.

For more than 40 years, our firm has been assisting people like you with long term care and estate planning needs. We bring you the knowledge and resources to protect you and your family. Armstrong & Lamberti, PLLC do not provide tax, legal, or accounting advice by articles. This material has been prepared for informational purposes only and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. Call 718.477.7700 or contact us online to schedule a free initial consultation with an estate planning attorney at Armstrong & Lamberti, PLLC. We proudly serve Staten Island, Brooklyn and the other boroughs of New York City.