An elderly person may fall down and break their hip, or they may experience a stroke. They may encounter other health issues that could make it difficult to meet their own needs. In these situations, a person may no longer be able to live independently, and they may need help around the clock. In many cases, these situations develop in a matter of weeks, and families may find themselves touring nursing homes while trying to figure out how to pay for one. Without proper planning, the money a couple has saved, their family home, and a spouse’s financial future could all be at risk.
When a person needs long-term care, a family will need to determine how these expenses will be paid. In some cases, the person receiving care will be required to use their own income and savings to cover expenses. Medicare may provide some coverage, and Medicaid benefits may also be available. Long-term care insurance can sometimes fill gaps, but only if it was purchased years earlier. Steps can be taken to protect assets while addressing long-term care expenses, but it is important to begin planning ahead of time. An attorney can provide guidance on the options for planning and asset protection that are available.