Glastonbury Medicaid attorneys will work with you to find ways to get your nursing home care costs covered so you can avoid spending money out of your own savings, and so you can avoid being forced to sell property, if you end up needing to go into a nursing home. A nursing home care facility can cost more than $100,000 annually, and other long term care costs can also total many thousands of dollars, even if you are able to get care in your home. Unfortunately, you could spend your entire savings on the cost of care in a matter of months if you have not made plans to ensure that your care would be paid for.
Medicare and private insurance providers typically pay for nursing home care only if it is skilled care, such as post-surgical care provided by a trained professional. Most people go to a nursing home not because they need skilled care, but because routine activities of daily living like eating and using the rest room have become difficult or impossible. Those who go into a home because they need basic help and they cannot live alone any more are receiving custodial care which Medicare and other insurance providers will not pay for. This means you should work with Nirenstein, Horowitz & Associates to find out about what your options are for paying for costs of care.
Buying long-term care insurance coverage is one possible option that many consider when determining how to pay for nursing home care. While long-term care insurance is specifically marketed as a product that pays if you end up needing nursing home care or other help, you cannot necessarily count on a long-term care policy providing the protection from financial loss that you need.
Will Long-Term Care Insurance Cover Your Nursing Home?
Long-term care policies are marketed towards individuals and families worried about high nursing home care costs, but these policies can often be prohibitively expensive and provide inadequate coverage.
The AARP indicates average premiums for long term care coverage would be around $2,350 for a couple who purchased a long-term care policy when they were 55 years of age. The health of the couple could push the costs of a policy to $3,970 or greater. Furthermore, according to the AARP, the costs of a long-term care policy are expected to grow, making it hard for seniors with limited incomes to continue to pay for the costs of long-term care.
Even though the cost of premiums is high for a couple, the coverage quality may be lacking. Some policy holders will have a long waiting period before they can actually get nursing home care paid for after signing up for a policy, and others may have policies that don’t pay a high enough daily rate to actually cover nursing home costs.
While the specific coverage, and the coverage limitations, will vary from policy to policy, many of the long-term care policies that are sold simply don’t provide the type of full coverage for nursing home care that would allow you to have the peace of mind of knowing you have no financial worries just because a medical issue arises.
Medicaid can fully pay for nursing home care, provided that you qualify based on your financial resources and based on whether you have a legitimate care need. You can make a plan to protect assets so you can keep your resources safe while still getting the care you need.
Getting Help from Glastonbury Medicaid Attorneys
Glastonbury Medicaid attorneys at Nirenstein, Horowitz & Associates will assist you in assessing what plans you should make to ensure you can pay for the costs of any care you may need in the future. We can advise you on whether a long-term care insurance policy that you have been considering is likely to provide an appropriate level of coverage and we can help you to ensure that you have created a comprehensive plan to pay for the care you need.
Since long term care insurance is often insufficient and most other policies don’t provide coverage for custodial care, our legal team will also help you to make a plan to protect assets in case you must qualify for Medicaid to pay for your nursing home. To find out more about how the Medicaid planning process works, join us for a free seminar. You can also give us a call at 860-548-1000 or contact us online to get personalized advice on making your own Medicaid plan for asset protection. Give us a call today to find out more.