Paying for long term care is a common worry of seniors and their loved ones. Long term care can be expensive, and finding ways to pay for it without bankrupting seniors or their families can be a challenge. Don't despair, though. Help is available.
An Elder Law attorney can help Clients and their families create a Long Term Care Plan that takes into account the Client’s current needs, anticipated future needs, and available financial resources. Such financial resources may include:
- Medicare or other health insurance
- Annuities with long term care riders
- Personal savings and investments
- Reverse mortgages
- Sale of home or other property
- Long term care insurance, including life or disability insurance policies with long term care riders. Certain long term care insurance products receive favorable tax treatment that can help to make them more affordable.
- Retirement Accounts
- Free or low cost care provided by family members, volunteers or community programs
- Client income (Social Security, pension, etc.)
- Public benefit programs such as VA Benefits or Medicaid.If Medicaid or VA Benefits are needed at some point, an Elder Law attorney can assist with the application and can also create an asset protection plan by working within the Medicaid and/or VA rules to maximize the amount of assets preserved.
By working with an Elder Law attorney to create a comprehensive Long Term Care Plan, seniors and their families can maximize the opportunities for asset protection while also ensuring that the senior will get the care he or she needs.
Although it is never too late to plan, it’s best to plan early. Certain planning options may no longer be available if you wait too long. Planning early, before you actually need long term care, will also allow you to take time to thoughtfully consider your options before finalizing your Long Term Care Plan.