The decision to utilize long-term care isn’t one to be taken lightly, and often is an emotional one as well. But it’s a harsh reality that families have to face: 70 percent of people turning 65 will require some form of long-term care. Long-term care insurance can help ease the financial burden on seniors. However, the rising cost of premiums depletes fixed incomes and exhausts savings faster than anticipated. Despite the best of efforts to plan ahead to afford the highest quality care for a loved one, for many families, Medicaid benefits are essential to help pay for long-term care.
Medicaid planning provides options that allow a loved one to receive benefits without having to give up hard-earned savings. As a joint state and federal program, Medicaid carries a number of eligibility requirements, including limits on income and assets, as well as a level of care requirement. We can help navigate the Medicaid requirements and ascertain the best way to structure assets to ensure eligibility for benefits. Certain assets, such as a home, may be exempt. Other options, including setting up annuities, irrevocable trusts, and personal service contracts may help preserve assets as well. The most ideal time to begin preparing is now, so that loved ones will qualify quickly for Medicaid benefits, lessening the financial impact on families.