One of the biggest stories in the elder law community during these times involves the rising cost of long-term care. When you’re planning for the latter stages of your life it is important to recognize the fact that you may have to address some very significant nursing home and/or assisted living facility expenses at some point in time. A minority of people are in a position to easily handle any and all eventualities and of course, this is the ideal position to be in. But for many, even those who have been successful, long-term care costs are going to be a matter of concern.
Here’s an excerpt from a recent guide published by SeniorLiving.org:
According to a 2021 Cost of Care Survey by Genworth, a private room in a nursing home costs $297 per day, or $9,034 per month. Semiprivate rooms are more affordable, with a median cost of $260 per day, or $7,908 per month.1 Regardless of the cost of nursing or in-home care, there are many ways families can make this necessary care more affordable. Let’s get into what you can expect to spend and how most families go about paying for nursing, assisted living, or in-home care.
In California, the costs are actually much higher.
Many people are not aware of the fact that Medicare does not cover these costs, but the Medi-Cal program can under certain circumstances. There are financial limits that must be addressed because Medi-Cal is theoretically intended to be a program that is in place to assist the financially indigent. There are however assets that you can retain ownership of while still qualifying for Medi-Cal; these include your home, your car, and personal possessions like jewelry, household effects, and clothing. Also, there are lawful strategies which can allow you to protect additional assets.
Qualifying for Medi-Ca; while making the most of your resources can be done but it requires in-depth knowledge of the system and legal expertise. The best way to incorporate potential Medi-Cal eligibility into your long-term plan would be to consult with an experienced and qualified elder law attorney who will conduct a thorough analysis of your financial situation and advise you accordingly.
- How to Update Your Estate Plan After Major Life Events - December 8, 2023
- Estate Planning for Unmarried Couples: Your Legal Rights - December 6, 2023
- When and Why to Update Your Estate Plan - December 4, 2023
