Planning For Trusted Long-Term Care
The idea of planning for health care in your golden years can invoke fear in many. Despite our Medicare system, many people fear losing everything they have worked hard for throughout their lives to pay for expensive medical care. This is understandable. Nursing home care costs average several thousand dollars a month in Michigan. You have options, however, that may help.
At Bingham Legal Group PC, our experienced elder law attorneys are here to help you make a thoughtful plan to move forward with confidence while securing all possible assets when you or a loved one needs long-term care. Long-term care refers to services needed for a chronic illness or disability. They may be provided in-home or in a facility like a nursing home. Generally, people in need of long-term care are elderly and can no longer perform daily activities without some assistance.
The Limits Of Medicare Planning
Some people are confused regarding the role of Medicare in their health care plan. Although Medicare covers many regular health costs for people 65 and older, it does not cover long-term care costs. Some people are surprised when told that they need continuous care, but Medicare does not cover it. So who does?
The answer to that question depends on people’s financial situation. Some people can afford private care, rely on Veterans Administration benefits or had the foresight to purchase long-term care insurance to pay these costs. For many people, however, Medicaid will cover the bulk of their financial need. Bingham Legal Group PC will help you understand the complex and ever-changing rules regarding Medicaid and other long-term care benefits.
What Can Medicaid Do For You?
Medicaid is a federal program often associated with providing health coverage for low-income people. It also provides long-term care for the elderly and those with disabilities. Many people apply for Medicaid as part of their nursing home planning, or other long-term options like in-home care. Medicaid does have eligibility requirements that include asset limits. That does not mean you have to be impoverished to qualify, but you may need to “spend down” some of your assets, or move them into special trusts or annuities.
The rules are complicated, but we can help you navigate the best options for you and your family and understand how Medicaid may affect your larger estate plan. We can also explain the advantages of planning for long-term care before you actually need it.
Start Planning Now
The attorneys at Bingham Legal Group PC are ready to help you put your long-term care plan into motion, whether you need it now or simply want to prepare for the future. Call our office in Bingham Farms at 248-952-8783 or fill out our online form to schedule an appointment. Ask us about our firm’s AARP member discount as part of the AARP Legal Services Program.