In Texas and in other states, long term care is expensive; nursing homes, private care, and health aides are costly, and as Americans age, they face the issue of figuring out how to unlock crucial medical services. In general, there are three main ways to pay for long term care, all of which we will review in today’s blog. The reality is that each person’s financial circumstances will be different, and each person will have a slightly different method that allows them to access important long term care resources.
Option 1: Pay Out of Pocket
First, you could pay out of pocket for long term care. This, of course, is difficult for most Americans. It also requires significant financial planning prior to old age. Paying out of pocket does allow for maximum flexibility in both how you access your services and in choosing the services you access. If you are financially able to choose this option, it is the best course of action to take.
Option 2: Use Long Term Care Insurance
Second, you could use long term care insurance to pay for your nursing home or care facility. The insurance company will subsidize your care, offering significant savings. Of course, this option requires that you opt into a specific kind of insurance. To access the insurance, you must 1) pay a significant cost and 2) plan to enroll in the insurance early on.
Option 3: Access Government Benefits
Medicaid is a powerful benefit, and it can unlock significant financial resources for those looking for help paying for long term care. The reality is, though, that Medicaid has a lot of eligibility requirements. To set yourself up to qualify, it is important to talk to a Houston estate planning attorney far in advance so that you can make sure your assets are appropriately set up in order to apply for Medicaid down the line. If you are able to receive Medicaid, this is the most cost-effective way to cover any long term care costs that you might incur.
Give us a Call at McCulloch & Miller to Discuss Your Long Term Care Needs
As always, we recommend that you speak with an experienced Houston estate planning attorney to discuss your specific goals and how you might achieve them. At McCulloch & Miller, our team offers legal services in the realms of estate planning, long term care planning, probate, trust creation and administration, and public benefits planning. We pride ourselves on being experts in our field, and we have decades of experience serving our community with excellence. If you do not yet have a Houston estate planning attorney in your corner, we just might be the firm for you.
If you would like to set up a consultation with one of our Houston estate planning attorneys at McCulloch & Miller, give us a call as soon as possible at 713-936-9073. You can also fill out our online form to tell us about yourself and have a member of our team contact you as soon as possible regarding possible next steps.