It seems like every day you may hear about updates to Medicaid and Medicare, and many people who have scheduled meetings with estate planning attorneys come in very confused about the difference between Medicaid and Medicare. Although both programs were created by federal laws, they accomplish very different things.
If Medicare does not pay for long term care, you could find yourself very stressed out how to proceed and protect yourself. Most people are already aware of the benefits of long term care insurance, but fewer insurance companies are offering these traditional policies and it can be very expensive. Other products that cover needed services like continental care, home care, a nursing facility, recovery or an indemnity plan have come into the marketplace. Furthermore, there are some life insurance policies you can purchase that may pay for long term care and similar services if they are outside of traditional LTC setting.
You’ll also want to set up a time to consult with an experienced Medicaid planning attorney to discuss how to qualify for this critical government program in the right way and ensure that you are not facing any penalties for the way that you approach planning. A consultation with a Medicaid planning attorney and an estate planning lawyer can ensure that you have the assets set aside for your retirement that you may need, while also getting the peace of mind that you have taken the necessary steps to protect yourself in terms of needed long-term care.
Given that so many people will have to rely on some form of long term care services in the future, it is in your best interests to identify an attorney who can help you articulate a plan that protects your best interests.