As you or a loved one grows older, there’s nothing more important than planning your long-term care. However, many people are unprepared for just how complicated planning long-term care can be, leading them to make mistakes that could have been prevented.
Whether you’re interested in protecting your assets, applying for government benefits like Medicaid, or preparing health care, it is crucial that you learn more about common long-term care. Read about a few easily avoidable long-term care mistakes and how you can better plan for your future with the help of an experienced attorney.
Buying the Wrong Policy
If you’re a responsible person, then you probably started planning for your long-term care well before it will be needed. While planning ahead is always a smart decision, it can also cause you to make mistakes, including buying the wrong long-term care insurance policy.
Many people purchase a long-term care insurance policy while they are still working and can easily afford the payments. However, after you’ve retired and your monthly income has been greatly reduced, you may no longer be able to fit your long-term care insurance policy into your budget. Be very careful about the insurance policy you are purchasing, and make sure you can afford your policy before and after retirement.
Another long-term care mistake that you need to avoid involves transferring assets to your loved ones. It is extremely common for people to give gifts or transfer assets to their children too early, which can be catastrophic in terms of long-term care.
Primarily, giving gifts can be risky because it can affect your Medicaid eligibility depending on the value of the gift. Also, gifts can be exempt from Medicaid determinations if they are given in the proper way. However, if you fail to consider the impact of giving a gift your children, you may be putting your long-term care in jeopardy.
If you need to transfer assets or give a gift as part of your long-term care plan, it is crucial that you consult with an elder care attorney so that you can protect yourself.
Planning your long-term care can be complicated because of the difficulty in knowing exactly how much or how little care you will need. While some people assume they will never need advanced care, it’s important to be prepared for every possibility, which is why you need a long-term care policy that won’t restrict your care options.
It’s common for long-term care policies to only cover limited types of care. For example, some policies cover nursing home care but not in-home nursing. Some policies may cover every type of care but don’t pay for them in the same amount. Make sure that you purchase a plan that you can afford and that covers every type of care that you may need, including assisted living, in-home care, and nursing home care.
Avoid Long-Term Care Mistakes
The best way to avoid long-term care mistakes is to discuss your options with an elder law attorney from Stano Law. We can help you arrange your long-term care options so that your costs are covered and your future is secure.
To learn more, contact Stano Law today.