If you are fortunate enough to have already purchased long-term care insurance, or are in a position to purchase it now, make sure you fully understand what’s covered and what’s not. Know your deductible, and understand the “daily benefit” limits and length of coverage.
The other option to pay for care is Medicaid. Medicaid is a joint federal-state program, providing assistance to seniors below certain asset and income limitations. These eligibility requirements are often complex to understand and increasingly restrictive (particularly after the enactment of the Deficit Reduction Act of 2005). Multiple rules covering look-back periods, transfer penalties, and characterizations of assets as “available resources” or “exempt resources” must be analyzed and planned around.
Our law firm has the experience and expertise to help avoid the financial ruin associated with the high cost of long-term care.
Contact us today to start the process of understanding the issues surrounding Medicaid eligibility and to implement the planning and application process.