Medicaid is one of the best ways to pay for nursing home costs for those who qualify. However this usually only comes available once most of your rmoney is already spent. This leaves other options of payment as well. You can buy your own insurance to cover long-term medical costs. The coverages and premiums will vary, and it will be best if you thoroughly look through these agreements. You should find the best policy for you by seeing what the policy coverage is. Long-term care is split into 3 groups: skilled, intermediate, and custodial care. You should make sure the policy you pick out covers these three areas. Some policies even have benefits to adapt your home so you can avoid going to the nursing home.
The next issue will be choosing the level of benefits. Many policies are fixed to the amount it will pay per day. It’s best to find a policy that increases with inflation. $250 might cover the cost per day now, but may not in 10 years. Policies that include inflation adjustment must meet minimum requirements.
You should also review both the elimination and benefit period. The elimination period number is that amount of time that you have to pay before your policy kicks in. This can be anywhere from 0-365 days. The premium often reflects the period. A longer period will result in a lower premium to be paid. These benefits can be subjected for a lifetime maximum, or be changed if your loved one is to recover.
Many states require that a child is to receive a 30-days notice before the policy can be terminated. The policy you select won’t be unintentionally terminated, it will be there when you need it most. Contact your local elder law attorney today to find out how you can plan for your loved ones future.
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One of the many benefits of being an elder law attorney is getting to work with selfless clients who act not out of their own self interest, but out of a deep concern for the people they love. That’s why I love helping families enjoy peace of mind and protect their hard-earned assets.
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