What Are The Ways That The Costs Of Long Term Care Are Generally Paid?
There are a few ways that people generally pay for long-term care. People who do not have a long-term care plan in place usually pay out of pocket until they’re down to $2,000 of countable assets. Once they are down to $2,000, then the second method kicks in, which is Medicaid. Medicaid is the government plan that will pay for long-term care when you are medically and financially qualified. To financially qualify for Medicaid, a person needs to be down to the $2,000 level of countable assets, and to qualify medically, a person needs to be sufficiently ill and in need of help with activities involving daily life. If you do not have enough money to pay for long-term care and are ineligible for Medicaid, you will likely have to rely on family members to pay for your care.
Relying on your family can put them in severe financial distress. Long-term care planning and long-term care payments are sometimes an unavoidable matter, and relying on family may be the only option. However, if you’re in excellent health and not too old, you may be able to purchase long-term care insurance coverage at a somewhat reasonable rate. Unfortunately, the reality is that many people have medical issues that will drastically increase the cost of long-term care or eliminate that option. One of my recent clients, a healthy married couple in their early 70s, received a quote of $9,000 a year for long-term care coverage. The quote was higher than they could afford, and they opted to use Medicaid planning through Oklahoma Estate Attorneys instead.
There are, however, a few people who can purchase long-term care insurance at a price they can afford, and I encourage them to look into it while they are doing their estate planning.
What If My Income Is Too High To Qualify For Medicaid? What Should I Do About Long-Term Care?
Some people believe that their income can’t be adjusted to meet the qualifications to receive Medicaid assistance. Fortunately, I can help them with some of these situations. There are very complex and sophisticated planning solutions that can assist many families in obtaining long- term care assistance through Medicaid. These solutions don’t work for everyone, but more than 90% of people who ask for my help to qualify for Medicaid do, in fact, become qualified. I am always studying and keeping myself updated on Medicaid and its rules for legal eligibility. Generally, there are ways to receive the assistance needed, and it can be done without your family having to lose everything.
Call our office to inquire about one of our estate planning workshops – this is the best way to become educated on the basics of Medicaid planning.
For more information on Paying The Cost Of Long-Term Care, a free initial consultation is your next best step. Get the information and legal answers you are seeking by calling (405) 754-4166 today.
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