Cleveland Long-Term Care Financing Lawyer
How Can You Finance a Loved One's Care?
Many elderly adults will require long-term care. Unfortunately, nursing homes, assisted living centers and other care options are expensive. They will drain all of a person's assets unless good planning is done upfront.
At Solomon, Steiner & Peck, Ltd., our attorneys will explain all of your options for financing long-term health care. We will help you choose the option that best meets your needs and protects your assets.
Your Options for Financing Care and Protecting Assets
The default in any long-term care financing plan is to use up all of your assets so the nursing homes cannot demand any of it. This is a rash decision, however, and is not practical for many people. At our law firm, our Cleveland long-term care financing attorneys provide more viable alternatives that help ensure assets are preserved for the next generation:
- Long-term care insurance: Did you know that your private health insurance or Medicare will not help pay for nursing home care? You may want to consider buying a long-term care insurance (LTC) policy. An LTC policy can significantly reduce the burden on paying for nursing homes, assisted living or even medical care at home.
- VA benefits: If you or your spouse are disabled, have limited income and assets, and served in the military for at least 90 days — one of those during wartime — you may be eligible for VA benefits.
- Medicaid eligibility: We often work with clients on a retainer basis for three to four years to plan for Medicaid eligibility and the Medicaid application itself. We use a variety of tools, such as Medicaid trusts, to help ensure eligibility when it is needed.
- Reverse mortgages: A reverse mortgage is a government insured home loan for seniors age 62 or older. You can draw upon it for monthly income payments, which may help you afford long-term care. Plus, there are no monthly mortgage payments to make.
Contact an Ohio Medicaid Eligibility Lawyer
To learn more about your options for long-term care financing, speak with an experienced lawyer at Solomon, Steiner & Peck, Ltd. Contact our law firm to schedule a consultation today. From three locations, we represent clients throughout northeastern Ohio.