With the cost of nursing home care skyrocketing over the past few years, many people are looking for ways to ensure they receive the quality care they may likely need in the future. Depending upon your financial situation and how well you set up your estate to prepare for this type of care, there are several options available to finance Long Term Care. It is best to speak with an attorney experienced in Long Term Care Planning to discuss all of the options available to you.
If you are insurable and you can afford the premiums, Long Term Care insurance can be an excellent option for covering long term nursing home care costs. Choosing the right plan however, is crucial. Horizon Elder Law & Estate Planning, Inc. can help. Long Term Care policies can cover not only nursing home costs but also in home care and assisted living costs if properly set up. Not all policies are created equal and you want to be sure you purchase enough coverage for what you want to cover. Attorney Julie Fiedler can guide you in choosing the right policy and tackling the tough decisions that go along with planning for your future.
Although Long Term Care Insurance may be a viable option for some, for many the premiums are just too high and/or pre-existing medical conditions make one uninsurable. In this instance, proper estate planning is necessary to qualify for federal and state funding. Medicare will only pay for nursing home care long term if you have come to the nursing home directly from the hospital and require more than just “custodial care,” and even then, it will only cover a limited number of days of care. Just needing help taking medications, with personal care, and/or daily activities is not enough for Medicare coverage to kick in. Therefore, relying on Medicare for your future long term care costs is not the best option.
In California, the Medicaid program known as Medi-Cal will pay for most if not all of your nursing home care costs. It is a needs based program, however so some careful planning of your estate by an experienced attorney is desirable in order to qualify. The Medi-Cal program has certain limitations on property ownership. Property is classified as exempt and non-exempt. With the help of an experienced California Elder Law attorney, you can properly distribute your assets so that they qualify as exempt for Medi-Cal purposes. In addition to asset evaluation, one must also not exceed the income limitations for the Medi-Cal program. With careful planning, the soaring costs of nursing home care can become a more manageable situation.
In addition to the Medicare and Medicaid programs, other funds may be available to military veterans. At Horizon Elder Law & Estate Planning, Inc., you can rest assured we will look into every available option to you for Long Term Care planning. We will clearly lay out what the government will pay for in your care and what you can expect to pay for. Attorney Julie Fiedler is not only an Elder Law Attorney, but has also been a registered nurse dealing in elder care for over 20 years. This gives Horizon Elder Law & Estate Planning, Inc. a unique perspective on Elder Law and Care. We understand health and capacity issues and work hard to find the best possible solution that gives an elder peace of mind and a sense of security. If you are looking for a law firm that can give you a total solution, not just legal documents, contact Horizon Elder Law & Estate Planning, Inc. today.