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Estate Planning to Avoid Financial Distress Caused by Long-Term Care Costs

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Estate Planning to Avoid Financial Distress Caused by Long-Term Care Costs

Do you have a plan in place to ensure that you will be taken care of for the rest of your life—even in the worst-case scenario? Are you a Veteran struggling to pay for overwhelming medical expenses? All too often, we see clients who have waited too long to begin planning and have burned through their personal assets in order to pay for a long-term illness or a nursing home stay.

The good news is, it doesn’t have to be this way. When you work with an Elder Law attorney at Jarvis Law Office, we will put a plan together that takes advantage of the various benefit programs you qualify for while protecting your hard-earned savings for a better use.

Why Medicare Is Not the Answer

Since you turned 65, Medicare has reliably covered your healthcare expenses, so you might be thinking that Medicare will continue to pay for whatever you need as you get older. Unfortunately, this is not the case. While Medicare will cover the first 100 days of a skilled nursing facility after a hospital stay of at least three days, the benefits will stop at the end of day 100, and you will have to come up with the money yourself, which often means moving to a place you can afford to pay for out of pocket. However, with the right long-term care plan, this doesn’t have to happen.

You Need a Long-Term Care Plan That Considers Every Possibility

You can’t predict what the future will hold for you as you age. It’s very hard to accept that you could end up in a situation where you cannot stay in your home because you are unable to care for yourself. However, unless you consider this possibility, you will not be prepared for what could happen and may not have the ability to pay for the care you need. Your options for paying for a long-term care facility include:

Personal funds

You can privately pay for long-term care using your savings, pension, income from investments, and any other resources you have. However, not many retired people have enough money to pay the high cost of a quality nursing home for very long. The average cost of a nursing home in Ohio is around $6,000 a month and can be as high as nearly $10,000 per month.

Medicaid

Low-income individuals can qualify for Medicaid to pay for long-term care, but so can others who might not think of themselves as low-income. By working with an Elder Law attorney, you can set money aside in an asset protection or qualifying income trust so that you won’t have to use it to pay for a nursing home, and you will qualify for Medicaid benefits. The money you set aside can be used to enhance your quality of life and can be left to your heirs after you are gone.

Veterans’ benefits

Wartime Veterans are eligible for Aid and Attendance benefits to pay for long-term care if they meet certain health and income requirements. Similar to qualifying for Medicaid, there are tools available to help you protect your assets while qualifying for these important Veterans’ benefits to pay for a nursing home or assisted living facility.

Long-term care insurance

If you purchased long-term care insurance, this coverage will kick in when you need a nursing home. If you do not yet have a policy, an Elder Law attorney can help you decide if it’s a good option for you.

Our long-term care planning team will evaluate your situation and come up with a custom plan to ensure that you will have access to the quality care you need and deserve—and you won’t go broke in the process.

Jarvis Law Office Is Here for You

The earlier you start planning for the possibility of needing long-term care one day, the more options you will have available to you to avoid going broke in a nursing home. Fill out our contact form or call one of our three convenient office locations throughout Ohio to find out what we can do for you.

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