Long-term Care Planning
Just because you didn’t plan ahead doesn’t mean you can’t have a plan, and it doesn’t mean all is lost.
When long-term care needs are already apparent, you have options.
Whether you are exploring the possibility of bringing caregivers into the home, visiting assisted living facilities, or looking at nursing homes, there are often last-minute planning techniques available to help maximize income, save the home, and shelter other assets.
We often meet clients who are overwhelmed and confused just trying to distinguish among long-term care planning options, let alone how they are going to pay for those options. At The Elrod Firm, we can guide you through the maze of long-term care, bringing direction through experience in this difficult field. We will clarify what Medicare and Medicare supplements will and will not pay for, and we will show you other options for funding the high cost of long-term care.
Clients facing long-term care needs usually find that Medicare will not pay for the type of care they need. Some clients in this situation have long-term care insurance to draw on when long-term care needs arise. But for those who don’t, many think that private pay is the only other option. But this is rarely true. Medicaid assistance and Veterans benefits are often available when long-term care needs arise.
If you have been told (or just have always believed) that you cannot qualify for Medicaid assistance, don’t give up so easily. Arkansas’s Medicaid regulations leave open many more planning opportunities, and offer protection for more income and assets, than you might think.
Someone, perhaps even from the VA, might have told you that you do not qualify for Veterans benefits even though you or your spouse have long-term care needs. But if you are a veteran or the surviving spouse of a deceased veteran, it is still worth your time to explore further the availability of those benefits. In many cases, planning opportunities exist to help you qualify for Veterans benefits.
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Ready to explore options? We are here for you.
You don’t have to go another day without a plan. We can help develop a plan that fits your unique situation.