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 may have difficulty with the activities of daily life, such as dressing, bathing, eating and taking medications.  Long-term care needs can drastically alter your life and that of your spouse and family, on both personal and financial levels.  For that reason, while choose 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 under the care of needed or before a crisis occurs.

Depending on the nature of your particular circumstances, the care you require and the extent of assets available to you, 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.  While eligibility and the services provided varies from state to state, long-term care benefits are typically available provided your personal resources are limited.  In some instances, you must spend down whatever assets you do have before you qualify, but the rules restrict the methods of spending.  Improper transfers can result in an initial denial or the imposition of a penalty period.  To avoid such circumstances, it is vital 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, P.C. has extensive experience in assisting clients in the planning of long-term care needs, management of their assets and crisis planning when a loved one fails to engage in appropriate prior planning.

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