Exploring Options

When is the appropriate time to explore options regarding Long Term Care?  The answer to this question is surprising.  Most people wait until they are told by some Rehabilitation Facility Administrator that going home is just not an option.  That is the last opportunity that will come along to address this question.  But the answer is very straight forward, everyone should consider this issue on or before their first day of eligibility for Medicare.

There are only three real options for paying for the costs of long term care:

  1. Spend down the family fortune.
  2. Utilize some private insurance benefit that you have put in place well before the need arises.  Or,
  3. Apply for, and be eligible for, Veterans Benefits or Nursing Home Benefits for the Elderly or Disable under Medicaid.

The first of these alternatives will cost several thousand dollars per month for every month of care.  The second requires pre-planning and, depending on benefits purchased and the age and stage at which they are purchased may cost a few hundred to a few thousand dollars per month until benefits begin.  The third requires meeting an array of personal, health, financial and income qualifications.  With all of these alternatives, the earlier you start the more effective the solution will be.

The overwhelming majority of people alive in the United States today will spend some time in long term care before their date of death.  No one is really doing anything to address this issue and so choices remain limited.  Start young.

This article is written by an attorney at Wyatt & Mirabella, PC. Always consult an attorney before making any legal decisions. To make an appointment today for a free consultation, please click here to contact us.

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