Long-Term Care
Planning

Planning for the Possibility of Long-

Term Care is

Essential

to a Well Developed Estate Plan

As we age, we face the overwhelming reality that we may become unable to preform everyday tasks without the assistance from others. As a result, long-term care is a reality for 70% of seniors. However, majority of seniors lack planning that is necessary to protect their spouse and family for its financial burden. Long-Term Care Planning provides for last minute planning techniques available to help maximize income, save your home, and shelter other assets.

Navigating the

High

Costs of Long-Term Care

As the population ages and the Baby Boomer generation enters their golden years, the need for long-term care has become increasingly important. However, many seniors are not adequately prepared for the high costs associated with this type of care. In Pennsylvania, the average cost of nursing home care is an exorbitant $144,000 per year, which can quickly deplete a person’s life savings. Fortunately, there are options available to cover the cost of long-term care, including paying out of pocket, purchasing private long-term care insurance, or relying on Medicare or Medicaid.

Out of Pocket

Many seniors consume their entire life savings on the costs of long-term care. With an average cost of over $175,000.00 per year, few families can afford this option for very long. The unfortunate reality is that many deplete their entire savings within one year of entering a nursing home. Most people pay out of pocket for long-term care until they become eligible for Medicaid.

Private Insurance

Some people have insurance policies which may pay a portion of the cost of long-term care; however, such policies rarely cover the entire cost. Moreover, these policies generally have limited terms which results in one’s savings ultimately being consumed over time. Occasionally, clients have long-term care insurance policies. These policies can be customized to fit various situations and cover a wide range of necessary services. These policies must be purchased while the insured is still relatively young and healthy.

Medicare

Although their names are similar, Medicaid and Medicare are quite different programs. Many seniors mistakenly believe Medicare pays for long-term care. In reality, it does not. Medicare may temporarily cover skilled nursing in a rehabilitative setting after a qualifying hospital stay of at least three days.

Medicaid

Medicaid is the largest payer of long-term care. Medicaid has become the default nursing home insurance of the middle class. It is a joint federal-state program that provides health insurance coverage to low-income children, seniors, and people with disabilities. Significantly, Medicaid is the government program that provides financial assistance towards the high costs of custodial care in a long-term care facility. To qualify for benefits, applicants must meet certain financial and non-financial criteria.

Breaking the Myth

Preserve Your

Assets

and

Accelerate Medicaid Eligibility

Many seniors are under the false impression that they must exhaust their hard-earned assets before they can qualify for Medicaid benefits. This common misconception leads to unnecessary financial strain and anxiety. However, we are here to dispel this myth and show you a better way.

At Luschas, Naparsteck & Crane, LLP, we believe in proactive planning that preserves your assets while accelerating Medicaid eligibility. While pre-planning is ideal, we understand that life can bring unexpected challenges. Even if you haven’t engaged in extensive Medicaid planning beforehand, there are still strategies available to protect your estate and ensure timely access to the care you need.

Seven out of 10 (70%) of people past the age of 65 will require long-term care

Supporting Spouses of Medicaid Applicants in Long-Term Care

Are you concerned about how to preserve your assets and maintain a comfortable lifestyle while your loved one receives long-term care benefits? At Luschas, Naparsteck & Crane, LLP, we understand the importance of supporting the spouses of Medicaid applicants during this challenging time. Our experienced team is here to help you navigate the complexities of Medicaid regulations and utilize the available strategies to protect your assets and income.

Medicaid’s Spousal Impoverishment Standards provide essential provisions to safeguard the financial well-being of the healthy spouse. With our expertise in long-term care planning, we can assist you in understanding and leveraging these standards to your advantage. Our goal is to help you maintain your quality of life while your loved one receives the necessary care.

Safeguarding Your Assets with the Community Spouse Resource Allowance

At Luschas, Naparsteck & Crane, we understand the importance of easy and convenient access to your estate planning documents. That’s why we offer a secure and user-friendly client portal, giving you 24/7 access to your estate plan from the convenience of your phone.

Our client portal provides a centralized and organized platform where you can securely access, view, and manage your estate planning documents anytime, anywhere. Whether you need to review your will, trust, powers of attorney, or other important documents, they are just a few taps away.

With our client portal, you no longer need to worry about misplacing or carrying around physical copies of your estate plan. You can have peace of mind knowing that your documents are safely stored in the cloud and accessible whenever you need them.

In addition to document access, our client portal offers other valuable features. You can securely communicate with our team, ask questions, and receive updates on your estate plan. It’s a convenient and efficient way to stay connected with us and ensure that your estate plan remains up to date.

Safeguarding Your Income with the Monthly Maintenance Needs Allowance

In addition to asset protection, we also address the important aspect of income protection for the community spouse. Medicaid regulations set a minimum monthly maintenance needs allowance (MMMNA) to ensure that the spouse has sufficient income to maintain their standard of living. We can assist in assessing the income requirements and developing strategies to optimize the available income while complying with Medicaid guidelines.

You don’t have to face the challenges of long-term care planning alone. Let us be your trusted guides throughout this process. Our compassionate attorneys are committed to providing the support and guidance you need to navigate the complexities of Medicaid while protecting your financial well-being.

Step One:

Gather Information

Step Two:

Medicaid Eligibility Assessment

Step Three:

Strategic Reposition of At-Risk Assets

Step Four:

Apply for Medicaid

Maximize your Medicaid Eligibility with Our Customized

Medicaid Asset Protection Plans

Enhance your knowledge of the current Medicaid regulations to enable you to make informed and educated decisions

Explore how assets such as investments, real estate, and life insurance can impact a person’s eligibility for Medicaid benefits

Provide a clear overview of your current income and assets in relation to Medicaid eligibility

Get Started Today

Download our Asset Protection

Planning

Questionnaire

Our Planning Questionnaires will help us gather necessary information that allows us to provide creative solutions to the complex legal issues that surround your Asset Protection Planning. The more information you are able to provide, the more accurate and customized we can prepare your plan.