Understanding in advance, care settings and when and why they are appropriate will result in the most satisfactory experience for the caregiver, the care recipient and the family. Also, understanding how government programs work helps with the final decision-making process as well.
Prior knowledge prevents crisis planning.
- Prior knowledge will save money.
- Prior knowledge will save precious time.
- Prior knowledge will rescue the caregiver.
- Prior knowledge opens the door to other options
Without money to hire professional advice or to provide the most desired care setting, the only option is to rely on Medicaid. Medicaid typically means the remaining years of life will be spent in a nursing home. Other limited options are available from Medicaid or from community aging services but there are usually waiting lists.
Here are some common funding options that can be used to provide money for care services:
Long-Term Care Insurance
- Life Settlement
- Reverse Mortgage
- Cashing Out Of a Principal Residence through Sale or Buyback Arrangement
- Retirement Savings Accounts
- Life Insurance Arrangements
Here are some common asset-saving strategies:
- Medicaid Planning
- Veterans Aid and Attendance Benefits
- Rearranging Insurance Plans
- Private Home Care Arrangements
- Work Closely with Your Doctor
- Understand the Pricing of Community with Care Arrangements
- Purchase the Right Long-Term Care Insurance
- Family Shared Care Commitments
- Tax Advantage Strategies
To learn more about these options and strategies and to gain more knowledge about long term care call us.
The Sooner You Start The Better Your Future
Wayne B. Ball is an estate planning attorney serving families and businesses in Arkansas for more than 25 years. Wayne B. Ball can be reached at:
Wayne B. Ball
415 N. McKinley, Suite 310
Little Rock, AR 72205
501-687-9000
Fax 501-687-9003
Wayne.ball@ball-stuart.com
