Discussing long-term care for you or a loved one can be difficult but there are many advantages for those that take the time to consider this issue in advance. Although most people prefer to stay home as they age, that is often not feasible, because of the amount of care needed is too difficult for our loved ones. However, the increasing costs of long-term care can also be hard to discuss because many people simply don’t have the ability to pay. This is where Priority Law comes in.
There are generally four ways to pay for long-term care: (1) with long-term care insurance; (2) VA benefits; (3) pay privately; and (4) Medicaid for long-term care. Of these four options, the most dominant payer is Medicaid. Medicaid has certain requirements that have to be met and if you know of anyone that has used Medicaid that paid for long-term care, you probably heard the saying “spend down” or that there is a five-year transfer rule. Although it is fine if you do choose to spend down your assets or wait five years after making a transfer, you might be surprised to learn those may not be your only options.
There are many options available to help individuals qualify for Medicaid, protect their home from a Medicaid lien, and ensure that some of their assets can be protected from long term care costs. At Priority Law, we specialize in Medicaid law and can help you to know what options you have when it comes to having Medicaid pay for your long-term care costs. Whether you are looking for Medicaid right now or just want to consider Medicaid as a possibility in the future, we can help.
Schedule a complimentary meeting and let us discuss with you your options either in person or by phone. There is never an obligation to hire us.
Email us at email@example.com or call 801-960-2750.