Long Term Care Planning
Protect Your Future & Preserve Your Assets
Planning for long-term medical care is a critical aspect of securing your future and protecting your assets. We provide comprehensive guidance to help you navigate the complexities of long-term care planning in Bucks County and Northeast Philadelphia. As life expectancy rises, the need for proactive planning becomes even more important to ensure you receive the care you need without jeopardizing your financial stability.
What is Long Term Care Planning?
Long-term care planning involves preparing for the medical and personal care services you may require as you age or if you develop a chronic illness such as Alzheimer’s or Parkinson’s. This includes planning for services such as home health care, assisted living, and nursing home care. Without proper planning, the high costs of these services can quickly deplete your savings and leave your loves ones with the financial burden of your care.
Key Considerations in Long Term Care Planning:
- Medicaid Eligibility: Medicaid is a vital resource for covering long-term care costs, but eligibility is means-tested, requiring careful planning to protect your assets. Understanding and navigating Medicaid’s asset limits and eligibility requirements is essential.
- Asset Protection: Safeguarding your assets, such as your home, from Medicaid Estate Recovery is a vital part of planning. This process requires strategic asset management and legal tools to prevent your home and savings from being used to cover care costs after a person’s death.
Long-Term Care Planning Strategies:
- Medicaid Trusts: Creating an irrevocable Medicaid Trust can help preserve your assets while ensuring you meet Medicaid’s eligibility requirements. These trusts can protect your estate from probate and allow you to retain some control over your assets.
- Special Needs Trusts: For individuals with disabilities, these trusts ensure that assets are protected without affecting eligibility for government benefits.
Medicare and Healthcare Costs
While Medicare provides essential health benefits for those over 65, it does not cover all long-term care expenses. For instance, Medicare will only fully cover the first 20 days of nursing home care. After 20 days, you have to pay $209.50 per day (in 2025) up to 100 days, and the full cost of the stay after 100 days. Understanding the limits of Medicare coverage and the role of Medicaid in long-term care is crucial.
Medicare also has co-pays for medical services that are significant for many individuals. Even worse, some doctors drop out of the Medicare program because it is limiting in what it considers “reasonable charges”, so these doctors simply stop accepting Medicare. Therefore, Medicaid is often the only alternative for individuals to rely on for their long-term care, which can cost more than $12,000 per month.
Our Long-Term Care Planning Process
During your initial consultation, we will:
- Evaluate your current assets and income.
- Discuss available care options, including home care and nursing facilities.
- Review payment strategies for long-term care, including potential Medicaid eligibility.
- Develop a tailored plan to protect your assets and secure Medicaid benefits.
- Implement strategies to safeguard the family home from Estate Recovery.
After the initial consultation we can prepare essential documents such as Wills, Trusts, Powers of Attorney, and Health Care Directives to ensure that your long-term care will be provided for and that your wishes are honored.
Why Choose Us?
- Expert Guidance: Attorney Leonid Mikityanskiy offers personalized advice to navigate the intricacies of long-term care planning.
- Comprehensive Solutions: We focus on preserving your assets and ensuring your future medical care needs are met.
- Client-Centered Approach: Our firm prioritizes your peace of mind and financial security, crafting strategies that align with your goals.
Contact Us
For expert assistance with long-term care planning in Bucks County and Northeast Philadelphia, PA, contact our Southampton, PA office at 215-357-1400. Let us help you prepare for the future with confidence and security.