Medicaid lawyers can help you to protect your wealth if you get older and must go into a nursing home. Unfortunately, the likelihood you will need nursing home care is substantial when you are getting older, as the Wall Street Journal indicates that more than 70 percent of people 65 and over end up requiring nursing home care at some point during the remainder of their lives.
Planning ahead in case you need nursing home care is just one of many ways you need to protect your wealth. You also need to understand the other risks that could affect you as you age and need to take steps to keep your assets secure so you can leave your desired legacy.
Nirenstein, Horowitz & Associates is here to help you with asset protection and with making a Medicaid plan so you can avoid substantial financial loss that could result if you get sick without an advanced plan in place. Give us a call to find out how our legal team can help you to protect your wealth no matter what your future holds.
Insurance to Protect Your Wealth
One of the key risks to your wealth as you get older is the likelihood that you will need to pay for long-term care or nursing home care. Medicare will not cover this type of care in most situations, since the majority of people who need nursing home care need something called custodial care. Custodial care is basic, routine help with activities of daily living and Medicare pays nothing for this; Medicare only pays for a limited period of skilled nursing care under specific circumstances.
Nursing homes cost thousands of dollars every month, and home-based long-term care is also very expensive. You could lose your life savings quickly if you have to pay out of pocket for care, so you will need a plan so this does not happen. Some people purchase long-term care insurance coverage to pay for their long-term care or nursing home care but this is not always a viable approach due to the high costs of this kind of insurance as well as the fact it often has coverage limitations. If a long-term care policy is not a solution for you, you will need to work with Medicaid lawyers to find a way to keep your wealth safe in case you must go into a nursing home.
In addition to long-term care insurance, there are also other types of insurance that you may need to consider purchasing to protect your assets. You should have homeowner’s liability insurance, for example, if you are a homeowner. Many seniors pay off their mortgages so there is no longer a bank requiring them to have homeowner’s insurance. Even if you aren’t mandated to have a policy, you should have one in place that covers the replacement cost of your home and possessions and that provides protection for liability in case someone gets hurt on your property.
Disability insurance is another important type of policy you may need if you are still working and earning an income; and supplementary health insurance to cover costs not paid for by Medicare can be important if you are a senior with health issues. An umbrella insurance policy could provide additional protection for your assets in case you are sued and the damages exceed your primary insurance, and a life insurance policy could help to ensure your loved ones are provided for after your death. Nirenstein, Horowitz & Associates can help you to understand all of the different kinds of insurance coverage you could potentially benefit from so you can get the right policies in place.
Getting Help from Medicaid Lawyers
Medicaid lawyers at Nirenstein, Horowitz & Associates will assist you in determining if long-term care insurance is something you should purchase or if other options such as Medicaid planning would be better for protecting your assets in case you need nursing home care. Our asset protection lawyers will also work with you to determine if there are other types of insurance you may need to keep your wealth safe and secure your legacy.
To find out more about the ways in which our legal team can assist you with all of your asset protection needs as you get older, join us for a free seminar. You can also give us a call at 860-548-1000 or contact us online to learn more about the personalized asset protection services our experienced legal team can provide to you. Give us a call today to find out more.