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Elder Law
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Planning to preserve your estate from long-term health care costs:

Long-term health care involves services for people with prolonged physical illness, disability or mental incapacity. Long-term health care assists a person to maintain his or her level of functioning as opposed to care or services to rehabilitate or correct certain medical problems. Long-term health care can be expensive, depending upon the amount and type of care needed and the setting in which it is provided; therefore, the cost of long-term health care services has become a major concern for senior citizens and their families.

Financing options available to an individual facing long-term health care:

  • Private pay - Individuals can pay for their own long-term health care. Individuals use their own monthly income and all available assets to pay for their care expenses.
  • Medicaid - A government program and a major source of funding for long-term health care services. In order to qualify for Medicaid coverage, an individual must have resources (assets) no greater than the amount permitted under state law, and if the individual has a spouse, the healthy spouse who remains in the community may retain a certain level of resources. Individuals may transfer assets to family members or trusts but are disqualified from receiving Medicaid benefits for a period of time. Once the penalty for the transfer expires, an individual would be eligilble to receive Medicaid benefits provided he or she met all other requirements. Individuals should consult a qualified professional to assist them with Medicaid planning.
  • Medicare/Long-term Care Insurance - An insurance policy covering long-term care services is another financing option. Contrary to what most people believe, Medicare, the primary health insurance program for individuals age 65 and older, is not designed to pay for on-going long-term health care. In addition, most private health insurance does not include comprehensive coverage for either nursing home or at-home care. However, long-term care insurance policies, insurance policies designed to insure against long-term health care expenses, are available to cover nursing home care and home care.

The information in this site is for general purpose only.
You should consult a qualified professional for specific recommendations appropriate to your individual situation.
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