Long-term Care Planning

We often meet clients who are overwhelmed and confused just trying to distinguish among long-term care options, let alone how they are going to pay for those options. What are the differences between home care, independent living, assisted living, and nursing home care? Where does Medicare coverage end and private pay begin? Are there ways to cover the high cost of long-term care without putting your home at risk and spending everything you’ve worked so hard to save?

At The Elrod Firm, we use our extensive experience to guide you through the maze of long-term care planning, providing you with direction in this complex field. We will clarify what Medicare will cover and we will show you other options that can pick up where Medicare leaves off.

For most families, there are only four ways to cover the costs of long-term care:

• Private Pay This is the option you want to avoid in the long run.
• Long-term Care Insurance This is available to draw on when long-term care needs arise.
• Veterans Benefit This can help some families offset long-term care costs in the right circumstances.
• Medicaid This option is the single largest payer of long-term care services in the nation and, when looking specifically at nursing home care, Medicaid covers around two-thirds of all nursing home residents.

The public policy of our nation dictates that a need for long-term care should not financially devastate a family, but in order to protect your home and other assets while pursuing the Medicaid benefit, you have to know the rules and understand the system. Contrary to popular belief, there are more ways to qualify for Medicaid than most people think and Medicaid is not strictly for those who have very low income and assets.

Medicaid Assistance

If you have been told or believe that you cannot qualify for Medicaid benefits because of the income or asset rules, don’t lose hope. Planning opportunities exist, even at the last minute when there has been no advance planning. Help may be available long before you spend everything you have on care. The Elrod Firm is here to help you protect more income and assets than you initially imagined–but time is of the essence once long-term care needs have arisen.

Learn more about Medicaid

Veterans Benefits

Veterans and their surviving spouses should learn about the Aid & Attendance benefit when long-term care needs arise to determine if it might help offset some of the high costs of long-term care.

Learn more about Veterans Benefits