The Villages Long Term Care Financing Attorney
It is well-known that Florida has an older population than most other places in the United States. As the elderly population continues to increase, individuals often have valid concerns about whether they will require long-term care at any point and if so, how they will afford to pay for it. Long-term care can include anything from nursing homes to private in-home care to assisted living centers and more. While this care is essential for seniors, it is also very expensive. Below, our The Villages long term care financing attorney explains how to plan for it.
Why Plan for Long Term Care Financing?
Many people do not consider that they will need long term care in the future. They certainly do not consider what the cost will be if they do require care. Nursing homes in Florida, though, cost more than $100,000 a year even for a semi-private room. Other long-term care options such as assisted living and in-home health care can also cost thousands of dollars a month. If the time ever comes that someone requires this type of care, they do not know how they will afford to pay for it.
Planning for long-term care financing as early as possible is important. Planning early will ensure that you have plenty of time to accrue funds and assets that can help you pay for long-term care. Additionally, there are limitations on certain options such as Medicaid benefits and planning early will ensure these do not affect you.
Long Term Care Financing Options
There are many strategies you can utilize when planning for long-term care financing. These are as follows:
- Medicaid planning: Medicaid can help pay for long-term care, but there are strict limits on assets and income. A lawyer can help you meet these requirements using different strategies such as spousal protections, asset protection, and more.
- Asset protection: A lawyer can advise on the asset protection strategies so your personal funds and property is not depleted. Asset protection can also shield property from Medicaid’s five-year look back period, making it easier to qualify for benefits.
- Long term care insurance: There is insurance available that can help pay for the cost of long-term care. It is important to note though, that this is often just one strategy used and it is combined with others, as it often does not cover the full cost.
- Spousal protections: When a spouse requires long-term care but the other does not, a lawyer can advise on how to protect the financial security of the healthy individual, making sure they have the access they need to funds and other resources.
Our Long-Term Care Financing Lawyer in The Villages Can Advise On Your Case
People do not always plan for long-term care and this can be devastating. At William Rambaum, P.A., our long-term care financing attorney in The Villages can advise on the strategies available and help you determine which one is right for you in case you ever need long-term care. Call us today at 727-781-5357 or contact us online to schedule a consultation with our experienced attorney and to learn more about how we can help with your case.
