Many clients who schedule a consultation to discuss elder care planning and long-term care are confused about Medicaid and Medicare. While both of these programs were created by federal laws, they function quite differently and may not give you all of the protection that you expect should you need long term services in the future. Many people are aware that one common alternative to relying on Medicare, because it often doesn’t pay for your LTC services, is long term care insurance.
Long term care insurance is very expensive and since fewer companies are offering traditional LTC policies, it may not be an option for you. However, there are other products that have emerged on the market to fulfill the gap in recent years, including those that provide several needed services like continental care, home care, nursing facility, recovery, nursing home care and indemnity plans.
Certain life insurance policies that you select may also provide a rider for long term care, so long as the services are provided outside an LTC setting. You’ll need to read the specifics of your individual life insurance policy to figure out whether or not this applies to you. An elder law professional will also assist you with qualifying for Medicaid without having to spend every last dime of the assets you’ve worked so hard to build. A knowledgeable estate planning attorney can help you determine whether or not Medicaid planning is an option for you and your family and how it can best affect your long-term goals.