Planning for Long-Term Care

Planning for Long-Term Care

Many people over 65 will need long-term care at some point. Whether family members are willing and able to help care for your needs, or you need to consider other long-term medical care solutions, there are options available.

Most traditional health insurance plans and Medicare do not cover in-home care, assisted living or nursing homes. While Florida’s Medicaid programs do offer coverage, there are income and asset limits. An experienced elder law attorney can review your assets and wishes to help you create a long-term care plan to meet your needs.

Ways to plan for and fund long-term care

Here are some of the ways you can fund your long-term care and protect your estate:

  • Government services: Medicaid and VA programs may fund your long-term care needs if you qualify. Medicaid has strict income and asset limits, including a five-year “look-back period.”

  • Private insurance: Private long-term care insurance is available, but expensive. Another alternative is to find out whether your life insurance policy offers accelerated death benefits, which offer a tax-free advance on your life insurance to help fund long-term care. Your attorney can advise you as to whether your policy will meet your needs.

  • Self-funding: If you have (or will have) enough money to fund retirement and your own long-term care needs, self-funding is always an option. However, this places the risk entirely upon you, and may drain your entire estate.

  • Trusts: Trusts can be used to preserve assets for your family and help you qualify for Medicaid. If you’re using a trust to qualify for Medicaid, remember to factor in the five-year “look-back period.”

Plan for your long-term care needs with the savvy estate planning lawyers at BaumannKangas Estate Law in Tampa, FL.