Newport Beach Estate Planning
“How You and Your Family Can Immediately Stop Depleting Assets, Draining Nest Eggs And Finally Gain Back Your Control.”
I’m sure you’re more than aware how difficult it can be emotionally, physically and financially to care for an aged loved one who needs long-term care. Long-term care can take the form of in-home health care, assited living or nursing home care. It can literally make you feel helpless. The negative impact on your health, employment, income and financial security can cause you to experience high levels of stress and depression.
Yet ironically, with billions paid out in government benefits, close to 57% of Americans receive NO FINANCIAL SUPPORT from Medicare, Medicaid or any other government programs.
And in many cases, it’s not because they don’t qualify. It’s because they have done things incorrectly or recieved bad advice!
The AARP has reported that the average senior will be out of money after less than 26 weeks of care! This means that they can no longer pay privately.
Find Comfort in Knowing Your Financial Options
There are many ways to relieve the financial burden that occurs when your loved one needs long-term care. But getting assistance from Medicare, Medicaid, the Veteran’s Administration and other public sources can be so complex that many people who deserve help simply never figure out how to get it.
And, finding out what programs you can qualify for is a hugely time consuming process. I’m sure you’ve talked to doctors, social service professionals, read books and visited informative websites. The sad reality is however, that much of the advice you will receive is outdated or just plain wrong.
Let’s take a quick look at some of the programs out there:
Medicare will pay some nursing home costs when skilled nursing or rehabilitation services are required. But, you must use a Medicare-certified nursing home and you must receive care immediately after a hospital stay, but only up to 100 days with only 20 days paid in full. So if you are facing long-term care in a nursing home for more than 100 days, Medicare will eventually run out. And, Medicare can’t help you if your loved one is in an assisted living facility and Medicare for in-home care is very limited.
Medi-Cal will cover most nursing home costs for people with limited income and assets. But, eligibility varies by state and will only pay for facilities certified by the government. Many people believe the limited income and assets requirement means they could never qualify for Medi-Cal. But, in many cases, they are wrong. There are steps you can take to preserve your savings, car and even your home, and much more. Millions also believe that they would never need Medi-Cal, but the statistics paint a different picture: the average person runs out of their money after less than 26 weeks in a nursing home. Other statistics put it at less than 14 weeks.
Veterans’ Benefits are available to veterans and widows of veterans who meet certain criteria. Most people are unaware of a little known benefit that acts as a pension simply for being over 65. I’m not talking about an insignificant amount of money either. In many cases it can add up to more than you receive from social security. Up to about $1,900 per month!
However, the majority of people (about half of all nursing home residents and most residents who use at home care or who live in assisted living facilities) pay costs out of their own savings. This is called Private Pay.
When your loved one pays privately, their money is eaten up by ever rising long-term care costs until eventually they become eligible for Medi-Cal.
Still some people never become eligible because they either don’t understand their options, or they have somehow violated harsh Medi-Cal rules—even years ago when nursing home care was the furthest thing from their mind.
There’s no doubt in my mind that with the right information and a little pre-planning you can minimize the negative impact your family will face.
And, there’s no time like the present to prepare.