Methods of Paying for Long Term Care.
There are essentially three ways to pay for long term care. You can pay with your own funds (“private pay”). You can have an insurance company pay pursuant to a long term care policy. Or you can qualify for Medicaid which is a joint federal-state program that subsidizes long term care.
Long Term Care Insurance
Some certainty and peace of mind can be realized for those who purchase long-term care insurance. But many Americans cannot afford it. Or worse yet, they simply cannot qualify because of a preexisting condition.
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 is covered and what is not. Know your deductible, waiting period before the policy begins to pay, the “daily benefit” limits, length of coverage and whether or not coverage will adjust with inflation. We can be your resource for assessing a proposed policy.
The other option to pay for care is Medical Assistance or Medicaid. It is a joint federal-state program, providing assistance to seniors below certain asset limitations 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,” “unavailable” and “exempt” must be analyzed and planned around.
Many people confuse the Medicare and Medicaid programs. Medicare is available to seniors who may or may not supplement the program with a supplemental policy. Medicare and supplemental insurance does not subsidize long term care. Instead, it covers rehabilitation in a nursing home for a definite period of time that cannot exceed 100 days.
Our Rhode Island law firm has the experience and the 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.
Elder Law Attorney Services
Elder Law is a term of art that encompasses many different areas, including traditional estate planning, adult guardianships, as well asset protection and planning for long term care in assisted living facilities or nursing homes. Therefore, elder law attorneys possess specific knowledge relevant to the needs of the elderly population and are cognizant of what is important to them. Our goal is to help you with your estate planning, including the creation of durable powers of attorney for finances and health care, wills and trusts, and the filing of Long-Term Care Medicaid applications, as well as other important issues that you will encounter as the years pass.
At Rampino Law, there is nothing more important than the happiness and satisfaction of our clients, so understandably our clients are involved in every aspect of our planning and practice. We have specific knowledge of elder law and are able to help clients make important decisions and answer any questions along the way. We always want you to have a clear understanding of all available options and will work together with you to decide on the plan that best suits each individual or family.
Unlike large firms, where things sometimes are made more complicated, our small, family-run Rhode Island firm works to make the process easier, whether you are applying for Medicaid, writing up a will or a trust, working on estate planning, or dealing with another issue relating to elder law. We’ve helped many families over the years, and we are confident we can help our clients navigate this part of their life journey while minimizing worry and stress. Contact us today to set-up an initial consultation, and, if you are in need an in-home consultation in Rhode Island, we can usually accommodate.