Asset protection is critical factor toward long-term elder care

On Behalf of | May 9, 2019 | Trusts |

In Georgia and elsewhere, nursing home living is typically quite expensive. However, it is not uncommon for older people to need daily living assistance for any number of reasons. That is why it is always a good idea to think about asset protection and to plan for the possibility of needing funds to pay for nursing home living at some point in life.

Many elders in this state and beyond choose to purchase long-term care insurance as a means of protecting assets from the potentially staggering costs of a nursing home. There are certain medical conditions and other issues, however, that could make a person ineligible for this type of insurance. For this reason, most advisers recommend researching and purchasing long-term care insurance while one is still in relatively good health.

Medicare and Medicaid can also help the elderly meet expenses associated with assisted living or other long-term care. There are differences between these programs, however, and it is important to understand such issues because it can greatly affect one’s ability to cover health care costs. The main difference is that Medicare typically provides benefits on a temporary basis while Medicaid is a federal program for low-income elders that can help them pay nursing home fees on an indefinite basis provided all eligibility requirements continue to be met.

Asset protection is a topic that concerns many Georgia elders. It is helpful to discuss such matters with someone who is well-versed in long-term care planning issues. An experienced elder law attorney is a great asset to have on hand when questions regarding trusts, funds for nursing care, insurance or other issues arise.

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