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Long term care planning: Choosing a financially feasible option

It has been said that getting old is not for the faint of heart. It's a fact of life that most Illinois residents face, and aging in good health is a blessing. Long term care planning can go a long way to ensuring good health in senior years; however, plans have to be put into place before they're needed. When people can no longer make decisions for themselves, there must be some sort of documentation that stipulates their wishes.

If seniors would like to stay in their own homes, they need to make that known, but more importantly they need to financially plan for it. Although assisted living has its positives, it can also have a down side, such as the potential for elder abuse. Everything comes with a price tag, whether it's at home care or living in a nursing home where costs can be astronomical -- more than $7,000 a month for a semi-private room and more than $8,000 a month for a private room.

Whatever choices are made must be financially prudent. Medicare alone provides little in the way of long term coverage for accommodations in old age. What it does make allowances for is long-term hospital care, the services of a nurse in a nursing home and certain home health services. It also provides for respite and hospice care.

Talking to an experienced Illinois lawyer about long term care planning may put many people's minds to rest. An attorney can help a client to document his or her wishes in a carefully considered plan, and help the client find ways to ultimately fulfill those wishes. The lawyer could also refer a client to others who may be able to help, such as a financial planner .

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