Exploring Other Funding Options for Long-Term Care
While the Maryland Medical Assistance Long-Term Care program can be a life-saver, it’s prudent to cast your net wider and examine other avenues of funding. Depending on your loved one’s situation, certain other resources might provide valuable assistance in financing long-term care.
Long-term care insurance is one such alternative. It’s designed to cover the costs of care over an extended period. However, the benefits and costs can vary greatly depending on the specifics of the policy, so thorough research is necessary. Life insurance is another potential source, with some policies offering options to cash out or borrow against the policy to cover care costs.
Reverse mortgages can be an attractive option for homeowners. It allows seniors to access the equity in their home while continuing to live in it. The proceeds can be used to cover care costs, but it’s essential to understand the financial implications fully before deciding.
Personal savings or investments can also be a viable option. If your loved one has a substantial nest egg, it may be possible to utilize some of these funds to pay for care. However, it’s crucial to carefully consider the long-term impacts on your loved one’s financial stability.
Additionally, don’t overlook the potential assistance offered by other government programs. Medicare, for instance, might cover certain aspects of care not included in Medicaid. If your loved one is a veteran, they may be eligible for Aid and Attendance and other specific Veterans Benefits geared towards long-term care.
Remember, every person’s situation is unique, and what works for one person might not work for another. Careful planning and research are key to uncovering the best approach to financing long-term care for your loved one. While the journey may be complex, the end goal is always the same: securing the best care possible for your loved one.
Resources:
JDKatz Intake Form for Medicaid Applications
Maryland Medical Assistance Long-Term Care Checklist
By: Jeffrey D. Katz, Esq., Managing Partner, JDKatz, P.C.
