We recommend advance long-term care planning for our clients, because failure to plan for long-term care costs well in advance can be financially ruinous. Remember, in the United States, citizens have NO entitlement to government payment for long-term care. While seniors have an entitlement to lifetime payment of most medical care (Medicare), no such entitlement exists with regard to long-term care, whether it be in a nursing home, assisted living, or in-home care.
Medicaid provides payment for long-term care, but only in the situations where applicants meet extremely low poverty thresholds. If applicants do not meet these poverty thresholds, then Medicaid either requires the applicants to ‘spend-down’ their assets per a government formula, or imposes a strict penalty period before Medicaid will pay for long-term care, or both.
However, in an urgent situation options exist, even within the draconian Medicaid system, to both protect some assets and to access government funds for long term care.
Let us help you walk through the various options available to access long term care funds in an urgent situation.