Streich Law Offices, P.C. assists seniors with elder law matters, including elder abuse prevention and litigation, incapacity & long-term care planning, and wills & trusts. Alexandria Chris Streich is a member of the National Academy of Elder Law Attorneys.(NAELA).
Elder law focuses on the special issues that arise as we age. Elder law differs from estate planning in that it narrows the focus to preserving quality of life as you reach the end of life. Elder law differs from asset protection planning in that it focuses specifically on issues that arise near the end of life rather than one’s entire life.
Preventing Elder Abuse
Even if your assets are minimal, you should at least designate a person who will responsibly manage your assets and your care in the event that you become incapacitated. If you do not plan for such an event, state law and a court will determine who will be responsible for making very personal decisions on your behalf. As District Attorney, I unfortunately witnessed appointed care persons stealing from and mistreating incapacitated, elderly persons. I cannot stress how important it is to properly plan for yourself and your partner, to minimize the possibility that mistreatment will happen to you. You may wish to view the “incapacity” link for more information on this topic, or click on the “Two Documents Everyone MUST Have” link for further information.
If you or someone you know is being abused, seek legal advice immediately. You may also wish to review and download the Elder Law Restraining Order .PDF
Long-Term Care Options
The high cost of long-term care has made planning a critically important issue for most middle class seniors and their families. In fact, most seniors will likely require some form of long-term care. Sadly, many of them are unprepared for the significant financial burdens it places on their family’s hard earned savings. Financial devastation looms large for a family facing ongoing care at a rate of $10,000 or more per month.
While some seniors are able to afford private pay care, the cost of long-term care will wipe out savings of all but the wealthiest families in a matter of years. Those who have planned ahead by purchasing long-term care insurance have a degree of certainty and peace of mind, knowing that they have a lesser need to rely on other sources in the future. Unfortunately, many can’t afford the high cost of long term care insurance or worse, because of age of medical condition cannot qualify for long term care insurance altogether. If you do have long-term care insurance, you should be aware of what your policy covers. Many policies have high deductibles or provide for only a short period of care in facility. In fact, many who have long-term care insurance still have to resort to Medicaid to pay for their care.
Medicaid Eligibility
The other option to pay for care is Medicaid. A joint federal-state program, Medicaid provides medical assistance to low-income individuals, including those who are 65 or older, disabled or blind. Medicaid is the single largest payer of nursing home bills in America and serves as the option of last resort for people who have no other way to finance their long-term care. Although Medicaid eligibility rules vary from state to state, federal minimum standards and guidelines must be observed.
While Medicaid eligibility with respect to long-term care was not difficult in the past, there has been a steady drift towards more complex and restrictive rules, the latest being the Deficit Reduction Act of 2005 which went into effect in 2006. These changes have resulted in complex eligibility requirements for those in need of Medicaid benefits. It’s no longer as easy as reviewing one’s bank statements. There are a myriad of regulations involving look-back periods, income caps, transfer penalties and waiting periods to plan around.
Our law firm has the experience and the expertise to help avoid the financial ruin associated with the high cost of long-term care, and we assist our clients with the preparation of income cap trusts and protection of spouses of those in need of long-term care. For further information, click the link above to read more about long-term care planning options, and contact us today to start the process of understanding the issues surrounding Medicaid eligibility and to implement the planning and application process.
|