Few things tend to be more costly than health care. While several healthcare programs and health insurance help ease the burden, medical expenses still have the tendency to pile up, especially if your health starts to deteriorate. A decline in health happens for many people as they get older.
Whether health issues are hereditary or stem from sustained injuries or contracted illnesses, proper healthcare can be costly. Planning for your health in the future may include setting up a long-term care plan but these plans can also be expensive. If you get to the point where you need to go to a nursing home, costs can balloon up to the six-figure range annually.
And depending on the length of your stay, your costs can be staggering. Making sure you develop an efficient and cost-effective long-term care plan can help you and your family’s finances and allow for a much higher quality of life and better monetary flexibility. To optimize your finances and future, be sure to let an experienced Medicaid planning attorney to help you figure out a suitable plan for you and your family.
How Can I Pay for Long-Term Care?
There are a few avenues you can take to pay for long-term care. Some of those options include paying out-of-pocket, having your insurance cover a portion of your care, and even reversing your own mortgage to gain equity. If you have the means and the will, those options can be effective but they may not be the most efficient.
Medicaid is a terrific way to cover long-term care costs. Medicaid can cover up to 50% of your total long-term care costs, including nursing homes. It may be a little more difficult to qualify for Medicaid due to its strict requirements process but with strategic help from a trusted Medicaid planning attorney, you may be able to utilize the benefits of Medicaid while retaining much of your own finances.
Is Medicaid the Best Way to Pay for Long-Term Care?
Medicaid is a very effective way to cover costly long-term expenses. The requirements to qualify for Medicaid make it hard for anyone to just sign up. Still, the program helps significantly in acquiring substantial and beneficially long-term care. A Medicaid trust can be set up by you with the help of a Medicaid planning attorney to help you get the best care for the best cost.
What Can a Medicaid Lawyer Do to Aid Me?
The experienced Estate planning attorneys in Phoenix at Israel & Gerity, PLLC will do what it takes to create a long-term plan that fits your needs and comfortability. Letting Israel & Gerity, PLLC gauge your situation and assess the options available to you can help craft a more fruitful future for you and your family.