Sep 11, 2014
By Elder Law Attorney Rick Law. Founding Partner of Law Elder Law – West of Chicago in Aurora, IL
There are many issues that can affect a person’s self-funding options for long-term care. These can include:
Paying for long-term care out-of-pocket may make this impossible.
In addition to self-insuring out of one’s own assets to pay for care, many feel that their family will take care of them when the need for care arises. Yet as much as family and other loved ones intend to care for their elderly relative or friend, it can turn out to be quite difficult when the time comes. Over the past several years, societal changes have made it more difficult for family members to care for a loved one who is in need of long-term care. The economy has forced many families to split up and move apart.
In addition, many families today have both spouses working. If a family member who needs care moves in, more than likely, one of two things must happen: either one spouse must quit working to take care of their loved one – resulting in lost income – or someone must be hired to give the needed assistance while both spouses work. This also will result in lost income because earned income is now going to pay for the family member’s care.
Although they should not be relied upon as the sole funding source for long-term care, there are several public financing options available to pay for certain types of long-term care services.
There are, however, numerous criteria that a person must meet in order to qualify for financing from these programs. And, even if one qualifies, the benefits received may or may not be sufficient to pay for the entire cost of care that is received.
Too many families needlessly lose everything they have. Don’t let that be you. If you need help paying the overwhelming cost of long term care, give our office a call at 800-310-3100. Your first consultation is absolutely free. We’ll let you know what steps you need to take, right now, to protect yourself and your family. Call now, because when you’re out of money, you’re out of options!
Rick L. Law, Attorney, Estate Planner for Retirees.
Rick was named the #1 Illinois elder law estate planning attorney by Leading Lawyer Magazine. He has been quoted in the Wall Street Journal, AARP Magazine, TheStreet.com, and numerous newspapers and articles. Rick is the lead attorney for Law Elder Law, LLP, focusing in Estate Planning, Guardianship, and Nursing Home Solutions. His goal is to give retirees an informed edge when it comes to dealing with an uncertain future. Get flexible retirement strategies that work during good times and bad, plus information on how you can save your home and assets from being used to pay for long term care.
“We would be lost without Law Elder Law! We walked in their doors over a year ago feeling lost and confused. With a father/father-in-law suffering from Alzheimer’s, we were overwhelmed by the Medicaid process, selling his home, protecting the assets he worked for his entire life, and finding him a memory-care facility that we could trust as his new home.
Law Elder Law helped with all of it! From the minute we walked out of our first meeting, we knew we (and he) were in good hands. We could not have possibly navigated all that had to be done without their expertise.”
A.M., Client of Law Hesselbaum and Law Elder Law