Protecting Assets Against The Cost Of Long-Term Care

The costs of long-term care can quickly become astronomical. If you or someone you love needs long-term care, you may feel like you won't be able to afford it without losing everything. Neither Medicare nor private insurance go very far in covering the costs of long-term care. Long-term care insurance can help greatly, but having this coverage requires forethought and can also be expensive. Furthermore, you can be disqualified for insurance or face higher premium rates for having certain physical or mental conditions. This may all sound discouraging; however, an experienced long-term care lawyer can help you find ways to protect your assets without sacrificing the quality of your care. And by taking strategic steps to qualify for Medicaid, you can protect your assets in the process.

Qualifying For Medicaid

The key to protecting your assets against the potentially catastrophic costs of long-term care, is, of course, to get someone else to pay for that care. In many cases, this boils down to whether you qualify for Medicaid. Having too many assets will disqualify you from receiving Medicaid, but there are assets that don't get counted when determining eligibility. Transferring your money to these uncountable assets can get you to a point where you become eligible. For example, these assets get counted in a Medicaid calculation:

  • Checking
  • Savings
  • Stocks
  • Bonds

Investing in one or more of the following non-countable assets, however, can remove assets from being included in the Medicaid calculation:

  • Your primary residence
  • One car
  • Personal property and belongings
  • Certain burial costs

Establishing An Annuity

If your spouse is the one in a nursing home, you can also protect your assets by shifting them to a specific kind of Medicaid-compliant annuity that will provide a reliable income. It is very important to establish the right kind of annuity, however; an experienced elder law attorney can point you in the right direction.

Don't Let The Cost Of Long-Term Care Bankrupt You. Call Today.

At The Law Firm of Leisawitz Heller, we can evaluate your financial situation and help determine ways to protect your assets while you navigate the difficult process of paying for long-term care. You don't have to figure this out on your own; we are here to help. Call our Reading office at 610-816-0880 to schedule a free initial consultation, or use our online form to request more information.

Live in New Jersey? Please contact our affiliate elder law attorney John Callinan, whose law firm serves clients throughout Central Jersey from offices in Wall, Middletown and Jamesburg.