Planning for long-term care can be an important addition to estate planning for many individuals as they age. While the need for long-term care can come upon a person suddenly, such as when someone suffers a major stroke or heart attack, for most individuals this need becomes gradually greater over time. This is why creating a plan is a great option because it is hard to pinpoint when someone will need extra help.
What options do you have for long-term care?
The first option for long-term care is home-based care. This allows an individual to reside in their own home and be cared for by a loved one or a more formal caregiver. A formal caregiver is paid and is generally a nurse or home health care aid. The role of any of these individuals can range from helping with daily activities to administering medications and using other medical equipment. The level of care is unique to each person’s situation and can change over time.
The next option for those who want to continue to live in their homes but need extra assistance during the day is community-based care. This includes adult daycares and senior centers. These establishments can help seniors with daily activities, provide them with meals, give them transportation, and plan social events. This allows seniors to have more interaction with their community while also providing the care they need.
Another option for long-term care is an assisted living facility or nursing home. While many people would like to stay in their homes, sometimes the day comes when a full-time care facility is the safest option. This type of care will ensure that an individual is taken care of around the clock, but there are varying levels of care depending upon the facility. By planning for this type of care, even if it is a worst-case scenario, an individual is given the peace of mind that they will be in a place of their choosing.
How can you pay for long-term care?
Paying out of pocket for long-term care can become expensive very quickly. By taking the time to plan for long-term care, a person is more easily able to use Medicaid as their method of paying for long-term care. Many may read this and think, but why do this if I won’t qualify for Medicaid? The short answer, anyone has the potential to qualify when with strategic Medicaid Planning done by a qualified Medicaid Planning Attorney. There are many rules one must follow when Medicaid planning, and by using an attorney you can ensure you are receiving advice you can rely on. Medicaid planning involves moving assets around so that they are counted against a person when Medicaid reviews their application. However, this is only necessary when the assets you own exceed the limit set to receive Medicaid.
Certified Medicaid Planner vs. Elder Law Attorney
Regardless of an individual’s situation, using a Medicaid professional is always the best option. But which option is the right one? Certified Medicaid Planners are well versed in Medicaid Long Term Care planning, they have specialized education on the subject and must pass an examination to become certified. A large part of a Certified Medicaid Planner’s job is administrative work, ensuring the correct documents are filed, calculating what money needs to be spent down or allocated, filling out the Medicaid Application and submitting it, and correcting mistakes that appear throughout the application process. Although they can do a large part of the Medicaid Long Term Care application process, a Certified Medicaid Planner is unable to help an applicant with the legal side of Medicaid. While not everyone will have to be concerned about the legalities of Medicaid, those with complex financials or other legal problems should contact an attorney. Some situations may arise during the application process where one could need a trust to be set up to keep assets from being counted towards Medicaid.
How is an Elder Law Attorney able to help me?
Attorneys can help an individual with much more than the Medicaid Long Term Care application process, this allows an individual to plan to or apply for Medicaid while also creating an estate plan or other legal processes. While planning for long-term care with an attorney an individual can designate a Power of Attorney and a Healthcare Surrogate. These designations can become important when an individual cannot make decisions for themselves. A Power of Attorney will take care of financial and legal matters while a Healthcare Surrogate will make medical decisions for an incapacitated individual. By meeting with an attorney an individual can begin creating the right plan for their situation.