If you are concerned about the future of an elderly loved one, you are not alone. As we watch our elderly loved ones age, we can’t help but be concerned about the care they will need and how to finance it. Health care in America is among the most costly in the world, with costs continuing to rise. As a result, the average American is unable to pay for a lengthy stay in a long-term care facility or for the costs of a serious, long-term illness. While we all hope that our elderly loved ones are … [Read more...]
Ways to Pay for Long Term Care
Paying for long term care is a scary thing for most families. In California, the annual costs of a semi-private room (one roommate) is over $100,000 and a private room is even more. Double these numbers if spouses or partners need care at the same time and there are additional expenses as well.How to Pay for Long Term CarePrivate Pay Long Term Care Insurance Veterans Benefits Medicare Medi-CalPrivate PaySome folks can self insure because they can afford to private … [Read more...]
There are Many Ways to Qualify for Medi-Cal to Pay for Long Term Care
Qualified and experienced elder law attorneys help those, who need long term care, qualify to have the care paid by Medi-Cal benefits. For both Medi-Cal, you need to financially (and medically) qualify.Here are 12 ways in which elder law attorneys help people qualify for financial assistance, if they are not immediately eligible. Consult with a qualified and experienced elder law attorney whose practice includes Medi-Cal long term care benefits to determine which strategies are best for … [Read more...]
The Use of Trusts In Medi-Cal Long-Term Care Planning (Part II)
Last month we discussed generally how trust planning can be very useful in Medi-Cal Long Term Care planning. This month we’ll focus on specific types of trusts that can be useful in planning relating to Medi-Cal Long Term Care.They are:Medi-Cal Gifting Trust: This irrevocable trust is used to preserve clients' assets while still letting them qualify for Long Term Care Medi-Cal. With this trust, the person who creates the trust and puts his or her assets in the trust can't access the … [Read more...]
How Are You Planning for Long-Term Care (LTC) Expenses?
What’s the right direction for you in planning for future medical expenses? The odds are even that you’ll need long-term care (LTC) after age 65, at least for a while. Here, my friend and colleague Steve Hartnett, an experienced and qualified estate planning attorney, explores some possible paths for covering those potential costs.How Are You Planning for Long-Term Care (LTC) Expenses? … [Read more...]
6 Important Estate Planning Considerations – Part 2: Long-Term Care
Many considerations must be addressed in an estate plan, not just who gets whatever’s left after your death. Long-Term Care expenses are an ever-increasing concern. Your estate plan should consider how those expenses would get paid. This article by my friend and estate planning expert Steve Hartnett looks at several ways to plan for those expenses.6 Important Estate Planning Considerations – Part 2: Long-Term Care … [Read more...]
Overview of How to Pay for Long Term Care (Part 2 of 2)
As we pointed out in the first part of this article, at a certain point in most people’s lives, they become concerned about paying for long term care.There are 5 basic ways to pay for long term care. We discussed private pay, long term care insurance and Medicare in part one. Now, we turn to Medi-Cal and Veterans Aid and Attendance.Medi-CalMedi-Cal is a form of public assistance for families who meet specified income and asset requirements. Eigible Californians use Medi-Cal to pay … [Read more...]
Overview of How to Pay for Long Term Care (Part 1 of 2)
As we age, many of us become increasingly concerned about the possible need for long term care and the options available to pay for it. In this article, we will examine those options.There are 5 basic ways to pay for long term care:1. Private Pay2. Long Term Care Insurance3. Medicare4. Medi-Cal5. Veterans BenefitsNot all of these methods will be available to all persons. For example, veterans benefits are limited to only certain veterans. Long term care … [Read more...]
How to Pay for Long Term Care (Part 2 of 2)
As we pointed out in the first part of this article, at a certain point in most people’s lives, they become concerned about paying for long term care.There are 5 basic ways to pay for long term care. We discussed private pay, long term care insurance and Medicare in part one. Now, we turn to Medi-Cal and Veterans Aid and Attendance.Medi-CalMedi-Cal is a form of public assistance for families who meet specified income and asset requirements. Eigible Californians use Medi-Cal to pay for … [Read more...]
How to Pay for Long Term Care (Part 1 of 2)
At a certain point in most people’s lives, they become concerned about paying for long term care. There are 5 basic ways to pay for long term care: 1. Private Pay2. Long Term Care Insurance3. Medicare4. Medi-Cal5. Veterans BenefitsNot all of these methods will be available to all persons. For example, veterans benefits are limited to only certain veterans. Long term care insurance may not be available for persons with certain pre-existing conditions. Private … [Read more...]
