Long Island Medicaid planning attorneys provide assistance in making sure clients can get long term care paid for without having to lose all they have worked a lifetime for. The costs of long term care can be astronomical, and even wealthy families can spend substantial assets very quickly and end up struggling to pay for nursing home care or a home health aide. For middle class and lower income families, the costs of long term care may be well beyond their reach financially.
Unfortunately, nursing home care and home healthcare is often not covered by Medicare or Medicare Advantage plans, as these plans restrict coverage to skilled nursing care for brief durations only. Most nursing home patients and most people who need healthcare aides need custodial care, which isn’t covered at all by Medicare or private insurers. Because custodial care can cost many thousands of dollars monthly and most people know they cannot afford to pay these costs, some individuals thinking about their financial future will consider long term care insurance.
The problem is, long term care insurance is fraught with problems, as this recent CNBC article explains. If buying a long term care policy isn’t a viable way to protect your assets and get care costs covered, and if private insurance won’t cover your costs of care, this leaves you with few options. Long Island Medicaid planning attorneys can provide you with insight into the best way to get care costs covered — taking steps to protect assets while getting Medicaid to cover your nursing home care.
Is Long-Term Care Insurance a Good Option for Nursing Home Costs?
As CNBC explains, there are a number of potential problems with relying on long term care insurance to pay for the costs of your nursing home care. When you buy long term care insurance, there is no guarantee that premiums will not rise substantially during the time you have the policy. In fact, many seniors who bought policies decades ago have recently experienced sharp increases in premiums.
If your policy costs get too high, you may be unable to afford to continue you coverage. After paying for years for long term care insurance, this means you could have to drop your policy as you get older… leaving you unprotected when you most need coverage and resulting in you being out the money you spent on the policy over the years.
Policies are also structured in such a way that benefits often aren’t very generous. You could have a policy with a long waiting period before you can get your nursing home bills paid for or your policy may set a maximum per-day payment rate that is below what it actually costs you to get home healthcare or nursing home care. This could leave you still struggling to pay for the care you need and still wasting your assets on covering long term care.
What is the Best way to Pay for Nursing Home Care?
Often, the best and only option to truly get long term care costs paid for is to qualify for Medicaid. The problem is, Medicaid is means-tested… which means you’re not going to be able to get covered if you have money and property that you have been working to acquire all your life.
You likely want to leave your assets to your loved ones as a legacy, but you won’t be able to do that if you have to spend all of your money on a nursing home just to impoverish yourself enough to qualify for Medicaid nursing home care payments.
Mark S. Eghrari & Associates PLLC can help you to develop a plan to protect as many assets as possible while getting Medicaid to cover your long term care as quickly as possible. The sooner you make your plans in advance, the more wealth you can keep safe.
Getting Help from Long Island Medicaid Planning Attorneys
Long Island Medicaid planning attorneys at Mark S. Eghrari & Associates PLLC will help you to ensure that you can get your long term care costs paid for without having to buy an expensive and potentially limited long term care policy and without having to spend your life savings on care before qualifying for Medicaid coverage.
To find out more about the ways in which our firm can assist you with getting Medicaid to pay your nursing home bills, join us for a free seminar. You can also give us a call at (631) 265-0599 or contact us online to get personalized advice on all your nursing home planning needs. Don’t want until it is too late– give us a call today to get your plans in place.
- Three Tips to Provide Inheritance Planning Insight - June 11, 2021
- Veterans Pension Can Defray Long-Term Care Costs - June 7, 2021
- How Can a Special Needs Trust Trustee Use the Funds? - June 3, 2021