You Can Afford Long-Term Care!
Recession and Financial Insecurity
As of July 2022, volatility in the financial markets is rocking the world. Many of us have seen our retirement accounts decline significantly and many experts fear a recession is imminent. Whether a family member is already in long-term care (LTC) or merely concerned LTC is on the horizon, a recession can severely impact financial resources and a family's ability to pay for help. Planning for LTC now can protect families and their precious assets regardless of the financial weather.
Help From Government Benefits
Military veterans may be entitled to a benefit called "Aid and Attendance" which may provide over $2,000.00 a month of additional income to help pay for LTC. For all others, Medicaid is available to pay for LTC.
There are many rumors about Oregon Medicaid. While some are seeded in fact, the rumors do not tell the whole story. For example, while a Medicaid recipient may not have more than $2,000.00 in available resources, with proper planning their healthy spouse can keep significantly more! Also, did you know that even if you have more income than Medicaid's maximum (currently $2,523.00 a month) you may still be able to qualify? And your home is an exempt asset if you or your spouse continue to live in the home. With proper planning, an ill spouse can receive Medicaid benefits while a healthy spouse continues to live in their home with enough assets and income to live comfortably.
Not all long-term care communities accept Medicaid benefits. Most communities that do accept Medicaid will ask the resident to privately pay for several months before qualifying for Medicaid. You can expect to privately pay anywhere from 6 — 24 months. For those who are worried they may need Medicaid in the future, it is important to find a community with a Medicaid contract from the outset, otherwise, they may be forced to move when they are out of money and options are limited.
Whether you are in care now or care is still years down the road, the time to plan is now! Only an experienced Elder Law attorney can assist families when planning for LTC. Whether a serious medical condition exists now or not, those that seek help right away are significantly better off than those that do nothing.
Want to find out if you or a loved one will qualify for Medicaid? Would you like to learn how you can protect your family and assets and still receive top care? We hold a free webinar each month to discuss the rules and exceptions to Medicaid eligibility. Go to RoseElderLaw.com and sign up now for the "You Can Afford Long Term Care!" webinar. Those who attend will receive $150 credit towards their Long-Term Care planning consultation.
Peace of Mind
Although market gyrations will continue, families that have a plan in place are less likely to be affected by a market downturn and will have greater peace of mind regardless of the financial weather.
5200 Meadows Rd.,
Lake Oswego, OR 97035