When it comes to aging, one of the most important—but often overlooked—topics is long-term care. So, let’s start by answering a basic but essential question: What is long-term care?
Long-term care refers to a variety of services and supports a person may need when they are no longer able to perform everyday activities independently. These are commonly called activities of daily living, and they include tasks such as cooking, bathing, dressing, toileting, managing medications, and even walking. Essentially, long-term care provides the help needed when age, illness, or disability makes daily life more difficult to manage on your own.
Now, you might be thinking, “Well, that’s not something I need to worry about—I probably won’t need that kind of help.” But the statistics paint a very different picture. According to a recent Genworth study, nearly 70% of people over the age of 65 will require some form of long-term care during their lifetime. That’s nearly 3 out of every 4 individuals.
So, if there’s a high likelihood you’ll need care, the next logical question becomes: When should you start planning for it?
The ideal time to begin long-term care planning is five years and one month before you actually need it. Why that oddly specific timeline? It has to do with Medicaid’s five-year look-back period. When someone applies for Medicaid to help cover long-term care costs in a nursing home, the government reviews financial transactions from the past five years. Transfers of assets or gifts made during that period can result in penalties or delays in eligibility. Planning more than five years in advance can help protect assets while still qualifying for vital benefits.
But of course, there’s one glaring problem with that plan: none of us knows exactly when we’ll need care. At Miller & Miller Law Group, we’ve tried everything—from research to a crystal ball—but so far, no method has been foolproof at predicting the future. (We’re still trying to reboot that crystal ball, by the way.)
Because of that uncertainty, our practical recommendation is to start planning between the ages of 65 and 85. This window allows for flexibility, asset protection, and—most importantly—peace of mind. Planning earlier than 65 can also be wise, especially for those with chronic health conditions or a family history of dementia or other serious illnesses. Likewise, it’s never too late to explore options. While earlier is always better, we’ve helped many clients in their late 80s and 90s develop strategies that ease the burden on families and make care more manageable.
So, what does long-term care planning involve?
It’s more than just financial preparation. It’s a comprehensive process that includes:
- Assessing your current health and future risks
- Understanding the costs of care, whether at home, in assisted living, or in a nursing facility
- Exploring insurance options, like long-term care insurance
- Creating legal documents such as powers of attorney and health care proxies
- Developing a Medicaid planning strategy to preserve assets for your spouse or heirs
Starting the conversation early allows for more choices, greater asset protection, and the ability to make thoughtful decisions—not rushed ones made during a crisis.
At Miller & Miller Law Group, we’re here to guide you through this process with compassion and expertise. Whether you’re just turning 65 or already helping a loved one navigate care options, it’s never too soon—or too late—to put a plan in place.
The best time to plan for long-term care? Before you need it. And the second-best time? Right now.
Contact us today to get started. Be sure to mention this article during your consultation so we can focus on your specific concerns and guide you with personalized advice.
This article is a service of Miller & Miller Law Group. We do not just draft documents; we ensure you make informed and empowered decisions about life and death for yourself and the people you love.
