Generally speaking, long-term care refers to the various services needed to meet the medical and non-medical needs of ill, disabled or elderly individuals who are having difficulty with the activities of daily life, such as dressing, bathing, eating, and taking medications. Long-term care needs can drastically alter your life, that of your spouse and/or your family, on both a personal and financial level. For that reason, while choosing and planning long-term care is often difficult, it is not a process to be delayed. Planning ahead allows you to consider your potential health care needs within a myriad of planning options. Avoid waiting until the care is needed or before a crisis occurs.

Depending on the nature of your particular circumstances, the care you need, the extent of assets available to you, and where you plan to receive your care, one or more of the following may serve as a method of at least partially financing the cost:

• Family support and care;
• Savings;
• Long-term care insurance;
• Life insurance, life settlements, viatical settlement, or accelerated death benefits;
• Deferred or immediate annuities;
• Veteran’s benefits;
• Reverse mortgage; and
• Medicaid

Medicaid is a joint federal and state program that helps with the payment of health care costs for individuals with limited income or resources. Eligibility and the services provided varies from state to state, but long-term care coverage is typically available provided your personal resources are small. In some instances, you must spend down whatever resources you do have before you qualify, but the rules do not usually allow you to simply give away your resources to family or friends in order to be eligible. Reducing your assets in this way may lead to initial denial of eligibility or imposition of a penalty such as termination of long-term care benefits. To avoid such circumstances, it is vitally important to consult with an attorney well-versed in Medicaid’s rules and regulations in order to choose the best option for your individual circumstances. Pereira Law has extensive experience in assisting clients in the planning of long-term care needs and management of their assets to accomplish such.


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