Solomon, Steiner & Peck, Ltd.
Call today for a consultation:
216-245-0185 / 866-642-0932

Long-term care planning is essential for every person

Long-term care planning should be a part of every person's estate plan. It's difficult to plan for your death and impairment, though, especially when you're young. You don't know what to expect, and you can't know how much it will cost.

The annual cost of a private nursing room is approximately $97,455, and those who live in major metropolitan areas tend to pay more than that. If that seems like a lot, you're right. It is. So, how do people afford it?

Long-term care insurance is one option. Although they can be expensive, they're a great option to reduce the risk of having to go without care or relying on Medicaid. For example, you could take out a policy for $10,000 each month to cover the costs of a nursing home's room and board, or you could take out a policy that would cover just a portion of that to make up for whatever difference there is between your monthly earnings and what you'd need in the facility.

The major benefit of planning for long-term insurance and your long-term care needs is that the insurance will be there to cover your needs and protect your finances. The downside is that you'll need to pay for this insurance, and there's no guarantee that you'll use it any time soon.

Your attorney can talk to you more about long-term care planning and the ways you can protect your estate in the event that you have to enter a nursing home or are no longer able to care for yourself. Early planning is key to making sure you're protected.

No Comments

Leave a comment
Comment Information

2005 BBB Torch Award Recipient Recipients of the 2005 BBB Torch Award Honoring Business of Integrity

  • ASNP
  • CMBA Green Certified 2107-19
  • member of the national eldercare matters Alliance
  • Golden opportunities

We are here to help. Contact our attorneys today.   

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Mayfield Heights Office
6105 Parkland Boulevard
Suite 140
Mayfield Heights, OH 44124

Toll Free: 866-642-0932
Phone: 216-245-0185
Fax: 216-595-2787
Mayfield Heights Law Office Map

Independence Office
Crowne Centre
5005 Rockside Road, Suite 600
Independence, OH 44131

Toll Free: 866-642-0932
Phone: 216-245-0185
Fax: 216-595-2787
Map & Directions

Westlake Office
PS Executive Centers
1991 Crocker Road
Suite 600
Westlake, OH 44145

Toll Free: 866-642-0932
Phone: 216-245-0185
Fax: 216-595-2787
Map & Directions

Mentor Office
5966 Heisley Road
Ste 201
Mentor, OH 44060

Toll Free: 866-642-0932
Phone: 216-245-0185
Fax: 216-595-2787
Map & Directions

Review Us