As medical technology advances, humans are living longer. While this is good news, it does come with a cost. Long term care (“LTC”) is becoming a necessity for most senior citizens and it is very expensive. However, LTC can be a requirement for anyone, at any age, who has been involved in a serious accident. LTC includes all the services that are necessary on a continuous basis to help an individual recover after an injury or illness. In fact, many LTC services are not medical, but they are related to basic personal tasks of everyday life. This includes nursing home care, home health care, respite care and other types of assistance with daily activities.
Due to the costs of LTC, it is vital to know whether your HMO, Medicare or a Medicare Supplement will pay for your LTC. Generally speaking, Medicare pays for some of the costs of skilled care in approved nursing homes or for a short period of home health care for a limited period of time after a stay in the hospital. However, Medicare does not pay for non-skilled assistance with activities of daily life such as eating, bathing, dressing, and other similar necessary activities (except in connection with an illness, and then only for a short period of recovery). A Medicare supplement typically covers your co-payments, deductibles and the services partially covered by Medicare. Most long term expenses are covered by Medicaid, but only if you qualify (meaning you have no assets); otherwise you must pay for these long-term expenses from your own funds.
Understanding the difference between government programs and private financing options for long term care can be confusing. Every type of assistance has its own pros and cons, as well as its own set of rules for eligibility requirements, the services its covers, copayments and premiums. Let us help you understand your available options and create a strategy for covering your LTC expenses.
The Astill Law Office has provided high quality legal services for over 30 years. We specialize in wills, trusts, estate planning, and asset protection. If you have any questions about creating a Trust, Will, or estate planning in general, contact The Astill Law Office at 801-438-8698.