Posts Tagged ‘long term care’

Asset Protection during Long Term Care

Tuesday, July 27th, 2010

For the average aging individual or married couple, nursing home costs and the expense of long-term care are a huge shock and can wipe out their entire life savings within just months. In fact, many people are completely not aware that Medi-Cal and private supplement insurance does not cover the cost of long term care. Furthermore, in limited circumstances Medi-Cal will cover 100% of just the first 20 days and then part of the next 80 days. But after 100 days, Medi-Cal won’t cover anything and usually a private supplement policy won’t either. In reality you only get a few weeks of coverage between both. Scary thought right?

Over 40% of people getting close to 65 will need to spend time in a nursing home at some point. And the average monthly cost is steadily rising and is around $6k/month now.

So what are your options when faced with the potential of a long term care crisis?

One. Pay the costs out of private funds. This option is great if you’re independently wealthy or have wealthy family to help you out, if not, this is just not going to work.

Two. Purchase long term health care insurance. Purchasing long term care health insurance is becoming more popular as people realize the debilitating costs of full-service long-term care. So if you can afford it, make sure you use a reputable company and buy at least 5 years of in-home, assisted living and nursing home coverage at a minimum of $150 per day with the cost of living rider.

Three. Apply for and qualify for public benefits including Veterans and Medi-Cal benefits. Medi-Cal will pay for minimal in-home care and assisted living and can also be very complicated and stressful to apply for. Here’s why. There are certain assets that are counted against you when applying for Medi-Cal so having an attorney review your assets and decide how to treat them will help your chances of keeping your hard-earned possessions as well as qualify for the benefits you need now. These items may include your home, car, whole life insurance, household furnishings, cash at hand, bonds, savings, stocks, retirement accounts, etc. Some of these items may need to be transferred to someone else or used up in order to qualify for your benefits.

But the rules have changed! Congress passed legislation that majorly affects Medi-Cal Nursing Home benefits. This new law imposes new restrictions on the ability of the elderly to transfer their assets before qualifying for coverage.

Some of the Provisions Include:

  • The look back period is extended from 3 to 5 years.
  • The value of a house that can be exempt is $500,000.
  • Annuities and many other planning tools will be eliminated.
  • Monthly gifts are severely curtailed.

We strongly encourage adult child caretakers and seniors to readjust your long-term care planning or start planning now. Pre-planning is more critical than ever to maximize the possibility of saving your family’s assets and getting the senior the quality long-term care coverage they will likely need. Contact us today for a free consultation with one of our skilled Elder Law attorneys. Call 562-627-9600

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Plan Ahead: Learn the Tricks to Choose the Right Nursing Home

Tuesday, March 30th, 2010

One of the toughest choices you may ever make will be whether or not to put a loved one who needs constant care into a nursing home facility. It’s an emotionally draining, scary and often traumatic experience- just ask anyone who has had to do it. Selecting the right nursing home for your family member requires research, a lot of question asking and patience. Don’t be afraid to ask the tough questions. Don’t be afraid to shop around. And if anything makes you feel uneasy- move on!

Rule #1 for nursing home hunting is to do it before you actually need one. Do it now when your loved one can give their input; when you are all feeling cool, calm and collected. When you wait until your loved one is under duress, seriously ill or otherwise it’s not the best time to remember to ask all your questions and get the valuable answers you need to feel secure in your decision.

The cost of nursing home care is another source of stress for most families. Learn ahead of time what Medicare or private insurance covers and what the gaps might be so you can have your loved-ones estate plan setup to handle the costs. You should also realize that Medicare does not pay for what’s called “custodial care”, that includes: help with walking, eating, bathing and other daily activities. The average cost of nursing home care is $200-$300/day. And that doesn’t include whatever additional fees you may face in situations of Alzheimer’s of dementia when additional specialty staff and care is required.

Do your research! The Centers for Medicare and Medicaid Services collect valuable data on over 15,000 nursing homes cross-country. The data includes health inspection, staffing and a measure of the quality of care all combined to score each facility with an overall ranking from one to five stars. Additionally, the site offers a nursing home compare tool as well as a brochure titled “Medicare’s Guide to choosing a Nursing Home” for each facility.

Visit the home often, and at different times. Similar to when you are house hunting and want to check out the neighborhood different days of the week and times of the day- choosing a nursing home is the same way. Pop in to see if the experience feels different. Pay attention to patients looking for help, bad smells, or anything else that feels neglectful or just not right.

And take the checklist from the nursing home compare website with you so after you’ve toured each facility you can sit down as a family and discuss your findings together; carefully weighing the pros and cons of each facility. Also, bring your own list of questions along. Some questions to ask include: Do you engage in “person-centered care” as well as “consistent assignment” care? Ask what the daily schedule is, visiting hours, security of the building, activities or classes offered, and eat the food while you’re there. All of these things should weigh into your final decision.

If you are looking for help in California, try the California Elder Law Center. For access to a free clinic to learn more, we offer them every Wed at 2pm or for additional information please call (888-500-6700).

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3 Critical Steps to Planning for Long Term Care

Thursday, January 28th, 2010

1)      Plan for the long haul by ensuring you or your loved ones’ quality of life will be upheld as they age and can no longer advocate for their own care. Do this by having a Life Care Plan which includes an evaluation with a Geriatric Care Manager. (Consultation is provided for free at the Cal Elder Law Center)

2)      Take the pressure off of your loved ones by having your wills, trusts and power of attorney handled by a professional elder law attorney. By working with an elder law attorney to plan your estate you can avoid costly mistakes so you can leave behind an inheritance to your loved ones, and LEGALLY keep your house & life savings in the process.

3)      Take full advantage of the Medi-Cal benefits you qualify for. By doing this you can legally secure your house, life savings and ensure you or your loved one gets the quality care they deserve.

These are complicated and trying issues to navigate alone. You have rights. To learn how to take full advantage of those rights the California Elder Law Center provides a free clinic every Wednesday at 2pm in our offices.

Visit us online at www.calelderlaw.com or call (562) 627-9600! This is life saving information you can’t afford to miss.

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