Private Pay – When you private pay for your own long-term care, you are only limited in your choice of nursing homes by your pocketbook and the nursing home’s availability. Those considering whether they can afford to private pay should also consider the need to cover both spouses, perhaps for a significant period of time.
Long-Term Care Insurance – This is the best option, particularly if you have a provision that allows you to stay home for care as long as possible. To obtain long-term care insurance, you must meet certain health qualifications, which can be different than health qualifications for life insurance. There are a few other financial products that offer similar benefits, so it may be worth talking with your financial advisor about them.
Government Benefits – There are two government benefits that can help: Veteran’s benefits and Medicaid for seniors.
For Veterans who have served over 90 days, with at least one of those days during a time of war (for vets serving in Viet Nam and earlier wars), there is a special benefit that may be available to them – even if they were not injured in the service or in the actual theater of war. There are certain health, income, and asset tests that are applied to determine further eligibility. A married veteran who meets the three tests for VA benefits could qualify for up to $2,019.00 a month and the benefit can be used to cover at-home care, assisted living, or a nursing home.
People frequently confuse Medicaid with Medicare. Medicare only provides a very limited long-term care benefit. Medicaid is the primary benefit designed to assist with long-term nursing home care. Like Veteran’s benefits, there are certain health, income, and financial qualifications that must be met. To find out if you qualify, discuss your options with a qualified Elder Law attorney who is experienced with Medicaid.
Aaron Miller Law Firm