One of the most important issues for middle class seniors in Utah and their loved ones is that of long-term care. The fact remains that most elderly adults will need some type of long-term care, but its high cost creates a large financial burden on their families. It’s not uncommon for long-term care to cost $10,000 or more each month.
Options for Long-Term Care
Some elderly adults are able to pay for private care, but it will only take a matter of years for all but the wealthiest families to have their savings drained. One option is to purchase long-term care insurance which guarantees a certain peace of mind and degree of certainty. Those with long-term care insurance will not have to rely too heavily on other funding sources.
On the other hand, long-term care insurance isn’t available for everyone. Many individuals in Utah are not able to afford the high cost of insurance or they do not quality because of age or medical conditions. Many insurance policies come with high deductibles or only provide for care in the short-term. It’s important to know what your policy covers if you have long-term care insurance.
Eligibility for Medicaid
Another option is Medicaid. Medicaid is a joint federal-state provider of medical assistance for individuals who are low-income as well as those 65 years and older, blind or disabled. This program is the largest payer of nursing home expenses in the country, and it’s usually the last resort for people who need to finance long-term care.
Eligibility rules for Medicaid vary by state, and certain federal standards and guidelines must be followed. The rules surrounding Medicaid eligibility have grown more complex and restrictive in recent years. It takes a large amount of planning to take into account all of the regulations including income caps, transfer penalties and more.
Our firm has the expertise to help you avoid financial run because of the high costs of long-term care. Contact us today to get the planning process started.
Wilson Law Offices- 1555 E. Stratford Ave., #100,
Salt Lake City, UT 84106 - 801-467-5800