Americans are living longer than ever. This is a blessing for those who have more time to spend with their family during their golden years. However, for many, this blessing comes with the challenge of financial plans that may not cover the full extent of their needs later in life.
There are options when it comes to long-term care benefits in Warrendale, but they take planning and can come at a cost. The sooner you speak with a dedicated elder law attorney about your options, the better your chances of being prepared for the future.
There is no question that long-term care is expensive. Whether it is full-time nursing home care or in-home support, most people can count on spending thousands of dollars each month if they are paying out of pocket. There are some different options when it comes to covering these costs, but each has its own drawbacks.
Many people rely on the benefits that come from long-term care insurance. This requires some foresight, as you will need a policy in place long before you expect to require care. Additionally, these policies do not usually cover the full cost of treatment.
The answer for most people is some form of government benefits. The state offers veterans special coverage for long-term care. For those who aren’t veterans, Medicare will briefly cover the cost of living in a nursing home, but Medicaid is the program that is most likely to provide Warrendale residents with long-term care benefits.
It is helpful to have a clear picture of what these benefits pay for. Usually, these benefits allow a person to secure help with common daily tasks like preparing food, personal care, or bathing. In some situations, this might also include administering prescriptions or other forms of minor medical care. For some living in Warrendale, these long-term care benefits provide the majority of their medical treatment in their later years.
Benefits might also pay for things like therapy. This might include occupational therapy, rehab from an injury, or work with a speech therapist following a stroke. Even hospice care may be included under some policies.
For many people, Medicaid is the only option for securing funding for long-term care in Warrendale. The benefits of being accepted into this program are significant, but not everyone qualifies. First, an applicant needs to be age 65 or older, permanently disabled, or blind. They must also be able to show a functional need for long-term care based on their health.
One of the most important aspects to consider is the financial component. Medicaid is only available to people with monthly income and accumulated assets that are below a certain level. Anyone above this threshold is not qualified. There are other rules regarding spending or giving away assets to fit under this threshold. While this is possible, it is important to rely on the guidance of skilled legal counsel to avoid penalties.
If you are planning for the future, one of the most essential considerations is long-term care benefits in Warrendale. Whether it is through private insurance or Medicaid, there are steps you can take to improve your chances of getting the benefits you need. Reach out to our firm right away for a private consultation, or click here to come to an elder law workshop.
