Elder Law (Long-Term Care Planning) //
Secure Your Loved One’s FutureThe high cost of long-term care has made planning a critically important issue for most seniors and their families. This is an issue that affects nearly everyone, regardless of net worth. In fact, about 2/3 of the population over age 65 will likely require some form of long-term care. Sadly, many of them are unprepared for the significant financial burden it places on their family’s hard-earned savings. O’Diam & Estess Law Group has the experience and the expertise to help avoid the financial ruin associated with the high cost of long-term care. Contact us today to start the process of understanding the issues surrounding Medicaid eligibility. We’ll walk you through every step of the process, from reviewing your finances through the look-back period, to developing a spend-down plan and even attending the Medicaid application interview for you.
Important aspects of long-term care to consider:
Pre-Planning vs. Crisis Planning – The rule of thumb is simple: the earlier you plan, the better your plan will be…but it is never too late to create a plan. Proactively making your plan before you face a need for long-term care can help you to protect more (or even all) of your hard-earned assets, so you can enjoy them in your retirement and leave a legacy for your loved ones. Pre-planning also opens you up to more options regarding the insurance products available to supplement your long-term care plan – which is the best way to create a comprehensive, foolproof plan.
Long-Term Care Insurance – Those people who have planned ahead by purchasing long-term care insurance have an added degree of peace of mind, knowing that they have a lesser need to rely on other sources of funding for long-term care in the future. We are proponents of LTCI and we regularly encourage clients to explore this valuable option, though we do not sell it. The best way to plan for long-term care is to combine a legal plan and an insurance plan. Incorporating LTCI into your legal plan provides an added layer of protection against the need to spend anything down. People of any net worth can benefit from this type of planning, especially when done well in advance.
Medicaid Eligibility – Medicaid is another other option available to help pay for care. Medicaid eligibility rules vary drastically from state to state, although all states must observe at least the minimum standards and guidelines set by the federal government. Ohio is traditionally one of the most aggressive Medicaid states. While Medicaid eligibility for long-term care was not too difficult in the past, there has been a steady drift toward more complex and restrictive rules. These changes resulted in complex eligibility requirements for those in need of Medicaid benefits.This is why it is crucial to seek the assistance of a qualified elder law attorney before applying for Medicaid.
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Let’s get started on your long-term care plan.