Understanding Your Needs
Long Term Care Planning
Let’s discuss your Long Term Care needs.
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Assistance with activities
Long-term care planning refers to the process of preparing for the potential need for long-term care services and support in the future. Long-term care typically refers to assistance with activities of daily living (ADLs), such as bathing, dressing, eating, and mobility, as well as help with tasks like medication management and other healthcare needs. Long-term care can be provided in various settings, including nursing homes, assisted living facilities, or in one's own home.
Nursing Homes
A single person cannot have more than $2000.00 in Massachusetts, and $2500.00 in New Hampshire, to qualify for medical assistance. Although most people believe they must spend their money down to that amount before they qualify for Medicaid or MassHealth (and most nursing homes will not tell you otherwise), there are planning techniques that can salvage some of the assets of a single person for their loved ones.
Nursing Home
Should one spouse enter a nursing home, in 2024, the healthy spouse is allowed to keep $154,140.00, the home, and one car. The nursing home spouse gets to keep $2000.00 in Massachusetts, and $2500.00 in New Hampshire. The balance of the marital estate would have to be spent down on the ill spouse's nursing home costs. Some of the money could be spent by prepaying the funeral expenses of both spouses, purchasing a car or house (if they don't already own one), and/or purchasing a Medicaid Qualifying Annuity.
Care By Family Members
Care provided by family members on an informal basis probably accounts for the largest share of long-term care in our country. A combination of federal and state assistance programs, social and charitable organizations, insurance, and personal wealth pays for more formal long-term care arrangements in the home and licensed institutions. Insurance coverage of long-term care benefits is becoming more widely available and popular.
Senior Benefits Consulting can help.
Whether your family member's long-term needs lie within a nursing home or an assisted living setting, we are able to guide you in the pursuit of and qualification for benefits that may be available to you.
Call us! 1-978-521-9020
