Long-Term Care Costs and Medicare
Sept. 28, 2022
Are you aware that health insurance and Medicare don’t cover long-term care costs? If you’re planning how you’ll finance long-term services, this could create a problem. With the cost of long-term insurance rising, Medicaid might be the next best option. We’ll cover how to apply for Medicaid and what you should be aware of.
Before you apply for Medicaid, you have to understand certain issues that affect your approval process. Without proper preparation, you could end up being required to reimburse the nursing home you or a loved one are in. How can you avoid this? The most important part is reviewing lookback periods that might influence your eligibility. This could create long waiting lists based on what type of Medicaid you’re applying for, either home care or skilled nursing care.
At your local Medicaid office, you can send in an application to see if you qualify. Pennsylvania will review finances or property you’ve transferred within the past. This can spark months to years of waiting for senior citizens, which can have a large financial impact for covering long-term care payments. The best way to avoid this is by planning further ahead.
Here at Curran Estate & Elder Law, we will work with you to discuss the best options for long-term coverage. This can include a Medicaid asset protection trust,Medicaid Will, or a Medicaid Compliant Annuity . All of these options have certain advantages which can help you qualify for long-term coverage, resulting in financial relief. We can also help you identify what transfers may trigger a waiting period for your Medicaid application. The earlier you start to prepare, the easier it is to avoid unforeseen issues.
For more information regarding our other services, visit our website. We can handle a variety of estate planning and life care planning services. You can also contact us with any questions or inquiries you may have. We hope to hear from you soon!