Long Term Care in a nursing home can present a wealth of issues, one of which being financial. With proper planning, the money you may have accessible to you when or if that time comes, will help create more available options for you.
In this Elder Law Minute, Wes Coulson, Illinois Elder Law Attorney, explains how planning ahead can help keep some very necessary options open to you when it comes to Long Term Care.
When it comes to Long Term Care – When you run out of money, you run out of options
Hi, I’m Wes Coulson and this is your Elder Law Minute. We’re big advocates for the idea of people setting aside money early on so that they will have it as maybe needed later to help pay for their care. A friend who is an Elder Law Attorney in Kansas City whom I admire, Bill Hammond, has said that “When it comes to Long Term Care – when you run out of money, you run out of options.”
And I think that’s very true and it’s becoming increasingly so. We find more and more nursing homes that, while they have Medicaid beds, they’re not immediately available. You face a wait for them. Well, if you wait until you’ve run out of money with nothing set aside and you go into one of those nursing homes, you have to figure out how you’re going to pay for your care. If you go in with money left, you may run out of money before a Medicaid bed becomes available. So, the key to it is if you’ve moved money out of way in advance into a Trust, you can apply for Medicaid quickly upon entering the facility. And whenever they say a Medicaid bed is available you’ll be ready, knowing that the money that you’ve set aside in reserve can be used to pay for your care in the meanwhile. Thanks.
For more on Long Term Care, visit these articles:
- Long Term Care Costs: The Biggest Threat to your Financial Future
- Long Term Care Insurance: What is the best age to buy it?
- 4 Myths about Medicare and Medicaid Long Term Care Coverage
- Medicare Limited Benefits and Long Term Care Requirements
Coulson Elder Law is dedicated to providing families in the St. Louis area with their Elder Law needs. Our practice areas include Asset Preservation Planning, Veterans Benefits, Medicaid Eligibility, Alzheimer’s Planning, Special Needs Planning, Estate Planning and more. We understand the financial challenges you may face as you and your loved ones grow older. At Coulson Elder Law, our clients’ well-being is our number one priority. For immediate help, call (877)995-6876 or Contact Us and we will get in touch as soon as possible.