LIFE CARE PLANNING & MEDICAID

Life Care Planning & Medicaid

Life Care Planning & Medicaid
As a result of increases in life expectancy most seniors will likely require some form of long-term care. Life care planning is about making sure your long term care cost do not cause you to outlive your assets. While careful financial planning can get most families through retirement, long term care expenses will almost certainly drain the accounts of all but the wealthiest families if they have to be paid out of pocket. The high cost of long-term care has made planning a critically important issue for most middle-class seniors and their families. Many seniors are unprepared for this significant financial burden. Financial devastation looms large for a family facing ongoing care at a rate of $10,000 or more per month.

Long-Term Care Planning Options

Long-term Care planning help to cover large expenses including
  • Assisted living facilities
  • In-home medical care
  • Nursing Home Care
Long-term care planning generally involves a combination of savings, insurance and asset protection. While some seniors are able to afford private pay care, the cost of long-term care will wipe out savings of all but the wealthiest families in a matter of years. Those who have planned ahead by purchasing long-term care insurance have a degree of certainty and peace of mind, knowing that they have a lesser need to rely on other sources in the future. Unfortunately, many cannot afford the high cost of long-term care insurance or, worse, because of age or medical condition cannot qualify for long-term care insurance altogether. If you do have long-term care insurance, you should be aware of what your policy covers. Many policies have high deductibles or provide for only a short period of care in a facility. In fact, many who have long-term care insurance still have to resort to Medicaid to pay for their care. We are assist by working with Care Managers to assess your options, from care at home, day care centers, retirement communities, assisted living, and nursing-home selection. A long-term care plan includes a review of government benefits, like Adult Day Care Centers and Medicaid eligibility.

Helping Families with Medicaid Planning Needs

The other option to pay for care is Medicaid. A joint federal-state program, Medicaid provides medical assistance to low-income individuals, including those who are 65 or older, disabled or blind. Medicaid is the single largest payer of nursing-home bills in America and serves as the option of last resort for people who have no other way to finance their long-term care. Although Medicaid eligibility rules vary from state to state, federal minimum standards and guidelines must be observed

At Legacy & Trust Legal Counsel, PLLC we can help avoid the financial ruin associated with the high cost of long-term care and assist with your eligibility for Medicaid. Contact us today to start the process of understanding the issues surrounding Medicaid eligibility and to implement the planning and application process.
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