As of December 2019, market volatility is rocking the world and it appears that this may be the norm going into 2020 and many experts fear recession is imminent. Whether a family member is already in long term care (LTC) or merely concerned LTC is on the horizon, a recession can severely impact financial resources and a family’s ability to pay for help. Planning for LTC now can protect families and their precious assets regardless of the financial weather.
2 Available Benefits
Military veterans may be entitled to Aid and Attendance which can provide over $2,000.00 a month of additional income to help pay for LTC. For all others, Medicaid is available to pay for LTC.
There are many rumors about Oregon Medicaid. While some are seeded in fact, they rarely tell the whole story. For example, while a Medicaid recipient may not have more than $2,000.00 in available resources, with proper planning their healthy spouse can keep significantly more. Also, did you know that even if you have more income than Medicaid’s maximum you may still be able to qualify? And, your home is an exempt asset if you or your spouse continue to live in the home.
Whether you are in care now or care is still years down the road, the time to plan is now. Only an elder law attorney can assist families when planning for LTC. And whether a serious medical condition exists or not, those that seek help right away are significantly better off than those that do nothing.
Planning for LTC takes many forms. However, the goal is always the same, to receive the best care possible without jeopardizing our loved ones. Such plans will include documents you may think you already have like a power of attorney or a trust. However, these documents can be deceptive. Estate plans that are not prepared by an elder law attorney, are likely inadequate to protect a family against LTC. Unfortunately, many families that find themselves rocked by healthcare costs are unable to prevent impoverishment because their estate planning documents are insufficient.
Although market gyrations will continue, families that have a plan in place are less likely to be affected by a market downturn and will have greater peace of mind regardless of the financial weather.