What is Long Term Care Part I?

Long Term Care is assistance with those activities of daily living that an individual cannot accomplish alone. These services are typically provided following an injury or illness, or when advanced age render individuals unable to care for themselves. Long-term-care encompasses a wide range of services, from part-time help for a person at home, to permanent residence in an assisted living or nursing facility. The situation is difficult to consider, but it is likely that you or someone you love may eventually need long term care. Many people mistakenly believe health insurance or Medicare will pay for this type of care. The truth is Medicare was not designed to adequately pay for long-term care.

If you or a family member needed extended care following an injury or illness, how would paying for your care impact your finances? Who would provide your care and are they capable? By creating a long-term care strategy, you can help protect yourself, your loved ones and your family’s assets. Now is the time to begin making a long term care plan. If you are healthy consider buying a Long-Term-Care policy. If not, seek the help of a qualified Attorney to help with asset protection strategies. Planning should include looking at all available options, including self-funding. While it is always best to have a plan in place it is not always possible. If you are in a crisis and have failed to plan for extended care, it is possible to get the government to pay for your care. Medicaid is a form of government insurance that can assist, however there are strict guidelines such as income and asset requirements but there is still hope-even to protect the healthy spouse from Medicaid Spend-down. We will cover some of these requirements in our future blogs. You can also speak with an Attorney or Medicaid Specialist for assistance.