Aging is unpredictable. Some people are fortunate enough to experience few health challenges as they age, while others may struggle with both physical and cognitive decline. Although genetics and lifestyle choices can influence aging, they are not definite solutions. To protect yourself and your family from the financial burdens associated with long-term care, consider purchasing long-term care insurance and working with an attorney to develop an asset-protection plan.
Some employee benefits programs may include long-term care insurance. However, some people may need to purchase coverage through individual providers. While Medicare may cover some of the costs of long-term care, many people must qualify for Medicaid to be eligible for coverage. Since Medicaid is a needs-based program, you must lack the necessary financial resources to pay for your care in order to qualify. Using irrevocable trusts as part of your asset-planning strategy can help you smoothly transfer assets to your family and ensure you maintain access to long-term care benefits.
Asset planning and long-term care programs can protect a person’s finances while also ensuring that they have access to the care that they need. An elder care lawyer could help you understand long-term care benefits in Riverhead and help you choose the right insurance plan for your needs.
The best time to consider purchasing long-term care benefits is well before you need them. Although employee benefits packages often include this coverage, employees generally need to opt into them. If a person’s employer does not offer these benefits, they may need to purchase them from private providers.
Long-term care coverage is not just for individuals in Riverhead nursing homes and assisted living facilities; it is available to anyone in need of assistance as they age. Understanding the terms of a policy is critical during the purchasing stage. Ideally, people want to obtain coverage that will not only pay for assisted living, rehabilitation, or skilled nursing facilities but also in-home care, adult daycare, and even hospice. Each provider may offer different packages. It is essential to examine the terms of the policy to understand what is and is not covered.
While long-term care coverage may be very beneficial for some people in Riverhead, it may not be the right choice for everyone. Families on either end of the financial spectrum may face challenges. For families with fewer assets, asset protection plans combined with Medicaid may be the best option to protect their assets and ensure care coverage. On the other hand, people with substantial assets who do not anticipate ever needing Medicaid may choose to use their resources for their long-term care needs. Even people with long-term care coverage may require additional resources or assistance.
While it may be challenging to predict future long-term care needs, you have help available. An attorney could help you understand the pros and cons of various asset-planning strategies and help you choose the best option for your family.
Having long-term care coverage is one thing; actually using it is another. Many of these programs are challenging to navigate, and the barriers may make people reluctant to seek access to their benefits. With the help of a lawyer, you could access the full range of benefits you are entitled to.
Elimination periods are often a stumbling block for families. These are waiting periods between when individuals purchase coverage and when their benefits begin. They typically range from 30 days to 180 days, meaning that someone can purchase long-term care coverage in Riverhead when they start to worry they may need it. However, since most insurers will not issue new policies to people over 75 or 80 years old, it is crucial to purchase these policies before the need becomes urgent.
Similarly, asset planning requires a waiting period called the look-back period. For example, Medicaid generally has a look-back period of five years. Medicaid will review asset transfers made during this time to determine whether someone is eligible for Medicaid. This is why asset planning ahead of time is critical for someone who wants to access Medicaid benefits.
Minor conditions do not trigger long-term care benefits. While policy terms vary, coverage generally requires a condition to significantly impair a person’s activities of daily living (ADLs). However, some policies may not cover cognitive conditions, even though they often impair ADLs. Understanding which conditions qualify for coverage can help people choose the right policy.
Purchasing long-term care benefits in Riverhead can be challenging, but an attorney could help you explore your options and recommend the best plan for your needs. They could also help you understand your coverage and ensure you maximize your benefits. For more information, schedule a consultation with our team today.
