Long-term care costs in Minnesota are astoundingly high -- and they keep growing higher. Paying for assisted living arrangements and skilled care nursing homes for an extended period of time can utterly devastate a couple's entire retirement nest egg, and leave nothing for the next generation to inherit. Most everyone is simply unprepared to absorb the costs unscathed.
Some certainty and peace of mind can be realized for those who purchase long-term care insurance. But many Americans cannot afford it. Or worse yet, they simply cannot qualify because of a preexisting condition.
If you are fortunate enough to have already purchased long-term care insurance, or are in a position to purchase it now, make sure you fully understand what's covered and what's not. Know your deductible, and understand the "daily benefit" limits and length of coverage.
The other option to pay for care is Medical Assistance or "Medicaid." It is a joint federal-state program, providing assistance to seniors below certain asset limitations and income limitations. These eligibility requirements are often complex to understand and increasingly restrictive (particularly after the enactment of the Deficit Reduction Act of 2005). Multiple rules covering look-back periods, transfer penalties, and characterizations of assets as "available," "unavailable" and "exempt" must be analyzed and planned around.
Our Minnesota law firm has the experience and the expertise to help avoid the financial ruin associated with the high cost of long-term care. Contact us today to start the process of understanding the issues surrounding Medicaid eligibility and to implement the planning and application process.