Shields and Boris Blog on Elder Care, Health Care, and Caring in General

Paying for long-term care

The topic of paying long-term care is an important one for individuals and married couples to consider, preferably before the care is needed.  The risks of failing to plan for the future are huge: long-term care is becoming increasingly expensive, with more and more people exhausting their savings and finding themselves depending on Medicaid.

 

To prepare for the inevitable, please take the time to discuss your long-term care planning options with an experienced estate planning attorney.  You may be able to protect your assets in order to qualify for Medicaid without depleting your savings, and you may be eligible for veterans benefits that you did not know existed.

 

Ways to pay for your long-term care:

 

• Rely on your family to care for you
• Pay for care from your investments and savings accounts
• Purchase long-term care insurance
• Buy limited long-term care insurance
• Sell your life insurance policy at present value (life settlement)
• Sell your life insurance to a third party if you are chronically or terminally ill (viatical settlement)
• Add an accelerated death benefit to your life insurance policy
• If you have a large amount of equity in your home, take out a reverse mortgage
• Buy into a Continuing Care Retirement Community (CCRC)
• Explore all your veterans benefits options, even if you do not have a service related disability
• Use Medicaid if you qualify, or plan ahead to protect your assets so you can qualify for Medicaid without losing everything
• If your state offers it and you qualify, participate in one of the Programs of All-inclusive Care for the Elderly (PACE)

 

Learn more by contacting the Wexford, PA offices of Shields and Boris today.

IMPORTANT REPORT EVERY SPECIAL NEEDS FAMILY MUST KNOW ABOUT ESTATE PLANNING

Beginning today, we are running a 12 part feature on facts every special needs family MUST know regarding their long term planning. 

You are Your Child’s Biggest and Most Important Advocate
 
               1. You know your child better than anyone else because you have always been there observing and interacting with them.   You know best how they have grown and dealt with challenges;  their complete medical history; how they react to the activities and routine of the day, what brings on a smile, a giggle or a tear; things they like or dislike and consequently what causes them frustration or brings on temper tantrums, and their particular special needs and special interests.

               2. You have the most invested in their future.  You want as normal a life as possible for your children.  You want them to become as self-sufficient as possible, but at the same time understand that your involvement at some levels may be life-long.  You need to be well-informed about the best ways for helping them maximize their potential.

               3. You are the one constant in your child’s life.  Settings will change as your child progresses through school and life, personnel will be different, but you, as parents, will be there guiding them through it all.

 
Click here for the first of 12 installments.

ELDER CARE, HEALTH CARE, AND CARING IN GENERAL

When it comes to making the right legal and financial decisions pertaining to Long-Term Care, as well as Estate Planning, you want the best Elder Law and Estate Planning Attorneys on your side. Located in Wexford,Pa just outside of Pittsburgh, Shields and Boris Law Office provides accredited, experienced professionals who concentrate SOLELY on Elder Law and Estate Planning. Explore our site for videos and information, then call us for a FREE consultation!