For many Ohio residents who are preparing to retire, being able to pay for long-term care is among their biggest concerns. Some assume that Medicare will pay for long-term care. However, this is not always the case as Medicare only pays for a limited amount of long-term care under certain circumstances.
The other two ways retirees can pay for long-term care is to use insurance or pay out-of-pocket. Before they can plan ahead, however, retirees need to have an understanding of what costs are associated with the long-term care options they have available. If they have a loved one who receives long-term care, they may already have an idea. If they do not, however, they should contact assisted living and nursing home facilities. Those who have enough liquid assets or equity in their home to pay for this care may do so by paying out-of-pocket.
Others may go through the Medicaid Planning process to provide the funds for their long-term care. This often involves the reposition of assets. It is recommended that those planning to do this talk to an estate attorney first as there are factors and restrictions that must be considered. Finally, insurance can be used to help pay the cost. Traditional insurance can be expensive, but asset-based insurance is always another option.
Planning for long-term care can be difficult due to the large number of options. A life care planning attorney can work with elderly individuals and their loved ones to make a plan that includes how they will cover the cost of long-term care. Life care plans usually include provisions that can keep individuals and their families on track, including care coordination, financial decision-making and crisis intervention. The life care planning attorney may also have access to other resources that can make the planning process less complex.