Worcester Medicaid planning attorneys provide help to seniors in Massachusetts in finding ways to pay for long term care if they end up needing to live in a nursing home or if they require home care. More than 70 percent of seniors who reach the age of 65 will end up needing nursing home care, according to the Wall Street Journal, and one in five seniors 65 and older will live in a nursing home care for at least five years. With nursing home care costs exceeding $100,000 annually, on average, it is very difficult for most people to pay for care unless they’ve made advanced plans.
One option that you may be considering as you explore ways to pay for long term care is to purchase a long-term care insurance policy. While these types of policies can give you some protections for high costs of nursing homes and long term care services, a long term care policy is not necessarily going to be sufficient to keep your wealth safe.
If you want to ensure that you have done everything possible to protect your assets so you will not face big losses if you need nursing home care, you should talk with The Law Offices of James A. Miller, P.C. to create a Medicaid plan.
Will Long-Term Care Insurance Protect You from Nursing Home Costs?
Long-term care insurance does help many older people to pay for the nursing home care that they need without losing their life savings. However, buying a policy can be expensive. According to the AARP, the average annual premium for a couple who buys long term care insurance at age 55 is $2,350. Premium costs for a couple range from $2,085 to $3,970, depending upon health status. However, AARP warns that these costs can go up over time, which could be a problem for seniors who are on a limited income.
Not only are premiums expensive, but long term care insurance may not provide coverage that is as comprehensive as policyholders would hope. You may not qualify for much coverage immediately, and policies typically cap the total amount that the insurer will pay out. This could mean that your insurance runs out while you have many years left to live in a nursing home, leaving you right back in the position where you’re forced to spend your life savings just to afford to live in an appropriate care environment.
Wall Street Journal also reports that some insurers are less reliable than others, and that many people underestimate the impact of inflation when purchasing policies, thus they end up with insufficient coverage. Waiting periods before insurance will begin to pay can also make long term care policies less effective at protecting assets for people who are worried about spending their own funds to pay for nursing home care.
How Can Worcester Medicaid Planning Attorneys Help You Get Costs Covered?
Because there are real concerns about whether buying a long term care policy will allow you to avoid nursing home care costs, you should talk with Worcester Medicaid planning attorneys to find out how to protect your wealth and get Medicaid to cover your care.
Medicaid is one of the primary payers of nursing home care bills throughout the U.S. because it will cover your care when you need it and for as long as you need it. The catch is that Medicaid is available only to people with low incomes and few resources.
If you have too many assets, as many seniors do because they’ve acquired property during their lifetimes, qualifying for Medicaid isn’t possible until you have spent down your wealth. However, this process of spending assets can often be avoided if you make a plan with help from an attorney well before the time you need Medicaid to pay for your care.
Contact Worcester Medicaid Planning Attorneys Today
Worcester Medicaid planning attorneys at The Law Offices of James A. Miller, P.C. can help you to make a comprehensive plan to protect your wealth even if you require nursing home care. We will discuss pros and cons of long term care insurance, Medicaid planning and other approaches to getting costs covered and we will help you to make a plan that works for your situation.
To find out more about the ways in which a Medicaid plan can help keep your wealth safe, join us for a free seminar. You can also give us a call at 866-370-3888 or contact us online to get personalized help with making effective use of legal tools to protect your nest egg. Call today to get your plan started.
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