At the Laiderman Law Firm, our elder law attorneys have the knowledge and the experience to help individuals and their families review and consider both Medicaid and VA Pension benefits (including eligibility for either one or both) as a option for financing long term care and the legal planning that can occur to avoid the financial devastation caused by a need for long term care.
Elder Law & Long Term Care Generally
The high and ever increasing cost of long term care has made estate planning a critically important issue for individuals of any age, but especially seniors and their families. Statistics show that a significant percentage of individuals will need long term care during their lifetime. Unfortunately, most are unprepared for the immense financial burden it will place on them, as well as their families, and the impact on their hard earned savings. Consequently, many families face the prospect of depleting their entire estate and the financial devastation which would result.
Long Term Care Financing Options
While some individuals and their families are able to afford over the time the immense costs associated with long term care, the spiraling cost of long term care will swallow up the savings of all but the wealthiest of families in a matter of years. Those who have planned ahead with an elder law attorney will have a greater degree of certainty, protection, and peace of mind, with the knowledge and the structure that a well-devised plan provides. With long term care insurance in place, they know that they reduced (but may not have eliminated entirely) the need to have to tap into hard earned savings in order to meet the cost of their future care. Many individuals, however, are unable to obtain long term care insurance, due to age or a pre-existing medical condition or diagnosis or because they simply cannot afford to purchase the coverage to begin with or the annual premiums to maintain the coverage over time. If individuals do have long term insurance, they are well advised to know what their policy covers in terms of type or level of care, the time period before the policy will begin to pay out benefits, the amount of benefits payable on a monthly basis, and the conditions under which a claim can be filed and benefits actually paid out. Many traditional long term care insurance policies can have high deductibles or may only provide for a short period of coverage in a facility, including a nursing home. Many individuals who have long term insurance may yet need to consider the use of Medicaid benefits in order to meet the high cost of their care, specifically care provided in a nursing home or skilled nursing facility.
The choice of an elder law lawyer is an important decision and should not be based solely upon advertisements.
The Laiderman Law Firm, P.C. assists clients with Estate planning, Wills and Trusts, Elder Law, Medicaid Planning in Missouri, VA Pension, Long Term Care Planning, Probate and Estate Administration, Special Needs Planning, Business Law and Real Estate Law. Serving clients in Missouri and Illinois primarily in St. Louis City, St. Louis County, St. Charles County, Jefferson County, Franklin County , Madison County and St. Clair County.