Long-term care is a common elder law issue because Medicare does not cover it, and LTC insurance is extremely expensive. Nursing home care can cost well over $100,000 a year, depending on where you live and the level of care needed. The average stay in a facility due to an accident or illness is a little over three years.
Most people expect to pay for nursing home care until their personal or family assets are gone, hoping they will eventually qualify for Medicaid assistance. Careful planning, however, can help protect your assets for your spouse or children. A common approach is to purchase long-term care insurance while healthy enough to qualify and make sure you receive eligible benefits under Medicare, Medicaid, or Veterans’ Benefits.
Medicare rules for nursing home coverage are so strict that it pays for less than nine percent of nursing home care in the US. And Medicaid is a joint federal-state program also subject to strict requirements. You must qualify to receive benefits, and the application process is tedious and time-consuming, which is why we recommend planning well in advance.
To qualify, you must be:
- Over the age of 64, or
- Blind or disabled, or
- A caretaker of a child, parent, or spouse in your household who is blind or disabled.
Veterans’ benefits are equally difficult to apply for and often denied even if you truly qualify. Attempting to apply for Medicaid or Veterans’ benefits without guidance may delay qualification and do more harm than good.
At Uniquely You Estate Planning, our elder law lawyers help clients get ahead of potential long-term care needs and expenses so they can live as independently as possible. New Hampshire’s median annual or monthly costs for care continue to rise. Nursing home expenses can seriously impact your family’s savings, retirement funds, or inheritance without the aid of Medicaid, Medicare, VA benefits, or Social Security.
Contact us to prepare for long-term care needs and other elder law issues.
Dawn DiManna, Esq., has over 15 years of legal experience helping clients in New Hampshire understand estate planning, elder law, asset protection, long-term care, proactive and crisis Medicaid planning, and Veterans planning. She began Uniquely You to help families discover ways to keep loved ones out of court and conflict and avoid financial collapse after a death or disability.
Long-term care planning is the process of preparing for the possibility of needing ongoing assistance with daily activities, healthcare, or residential care in the future. A long-term care plan may address healthcare needs, financial resources, Medicaid eligibility, Veterans benefits, and legal documents to help protect your assets and provide for your care.
Medicare generally does not cover most long-term care costs, such as ongoing nursing home care or custodial care. While Medicare may cover certain short-term skilled care services when eligibility requirements are met, individuals often need other planning strategies, such as Medicaid planning, long-term care insurance, or asset protection strategies, to address future care expenses.
Long-term care may be paid for through personal savings, long-term care insurance, Medicaid benefits, Veterans benefits, or other financial resources. Planning ahead can help you understand your options and determine strategies that may help preserve assets while preparing for future care needs.
The best time to begin long-term care planning is before care is needed. Starting early provides more options for protecting assets, reviewing available benefits, and creating legal documents that allow trusted individuals to help manage financial and healthcare decisions if needed.
Medicaid planning involves preparing for potential Medicaid eligibility while considering the costs of long-term care. In New Hampshire, Medicaid has specific eligibility rules and application requirements, so working with an experienced elder law attorney can help families understand their options and avoid costly mistakes.
An elder law attorney can help review your financial situation, explain long-term care options, prepare important legal documents, and develop a plan based on your goals. Proper planning can help families navigate care decisions while protecting assets and ensuring future needs are addressed.
