Many people live longer today due to advancements in healthcare and better knowledge about healthy living. Individuals must plan their retirement savings to help them live long, fulfilling lives.
However, some seniors need more specialized care as they age and must move to a nursing home or have a home healthcare aide. Specialized care can be so expensive that it quickly depletes a household’s savings.
With long-term care planning in Covina, a dedicated lawyer could anticipate your future needs and help you set up an estate plan that fully protects you and your family. Contact the compassionate estate planning attorneys at Amity Law Group today.
Paying for Long-Term Care
Unfortunately, paying for a nursing home or in-home nurse is so expensive that most families cannot afford it. Even if they are financially stable, families often find that they will need to use all their hard-earned savings to pay for short-term nursing home care.
In addition, regular healthcare insurance does not provide benefits for long-term care. Because of this, most people must look for alternative options for themselves and their loved ones.
Medicaid and Medi-Cal
Individuals may turn to federal programs that offer benefits, such as Medicaid, or to state programs that provide long-term care coverage, like Medi-Cal. However, both Medicaid and Medi-Cal were established to cover people with low incomes.
Middle-class Californian families can sometimes qualify for Medi-Cal with proper estate planning. To be eligible for Medi-Cal to help pay for a nursing home or other long-term assistance, the party seeking help must meet specific requirements regarding their income and assets.
Any income or assets above the maximum threshold would be payable to the nursing home. The state looks at assets and income to calculate if someone is eligible, but certain things would be exempt from consideration, such as the following:
- The primary residence
- Many personal belongings
- A motor vehicle
- Certain prepaid funeral plans
- Certain life insurance plans
- Assets protected by a trust or will
If the person who needs long-term care and is applying for Medi-Cal has a spouse, the spouse can keep a limited number of the family’s joint assets.
A seasoned lawyer in Covina could help a family protect their property and remain eligible for Medi-Cal by care planning in advance. For instance, they could draft an irrevocable trust that shields their client’s assets so that they are not counted when determining Medi-Cal eligibility.
Long-Term Care Insurance
Another possibility for families to consider is long-term care insurance. This can cover at-home, nursing home, or assisted living care. It is important to note that premiums can be expensive and vary significantly depending on someone’s age and how much the policy will cover.
In addition, many long-term care insurers deny coverage to individuals with pre-existing medical conditions, making it difficult to obtain. A Covina lawyer could meet with a family to discuss whether long-term care insurance is right for them.
Call a Covina Attorney to Discuss Long-Term Care Planning
As you or a loved one ages, your needs will change. You need to be sure that your family and interests are protected. The legal team at Amity Law Group understands the complexities of long-term care planning in Covina.
We could help you review your options and determine the one that best fits your needs. Work with a dedicated legal team today who knows how to safeguard your future.
