It is an important question that every American must consider seriously the older they get: how will you pay for your long-term care? What if you live longer than you expect? How will your decisions now affect your family and your heirs?
There are a variety of options for paying for long-term care, all of which have pros and cons. It is important for you to plan ahead as much as possible to avoid placing an undue burden on your family and to avoid finding yourself at the mercy of the state.
Options for covering your long-term care
These are just a few ways that you can pay for your long-term care:
- Personal savings. Paying for your own long-term care out of your savings and investments can be tricky. What if your portfolio loses value? What if you live longer than you budgeted for?
- Long-term care insurance. There are a wide variety of plans that you can buy to cover everything from just nursing home care to care in an adult day care center, assisted living, medical equipment, or formal and informal home care. You can purchase coverage from a private insurance company or you can purchase a group plan; either way it is important to find a reputable company so you don’t find yourself without coverage if something unexpected happens.
- Medicaid. Medicaid is a joint federal and state program that helps people with low incomes and limited resources pay for medical costs, including nursing home care and home care. Since eligibility requirements must be met in order to qualify for Medicaid, it is in your best interest to speak with an estate planning lawyer familiar with asset protection in Pennsylvania. There are acceptable, legal ways to help you qualify for Medicaid before you lose everything.
- Veterans benefits. If you have a service-related disability or are eligible in some other way, the Department of Veterans Affairs (VA) may provide long-term care for you. However, some VA nursing homes have long waiting lists and since you can only receive your care in a VA home you might have problems getting care when you need it. The attorneys at Shields and Boris have experience with Veterans Benefits and can help you ensure that you get the care and benefits you deserve.