Everyone should plan to have a little fun in their retirement, but it's vital to think about practicalities too. An elder law lawyer can guide you through your options to protect your assets while ensuring you receive high-quality care. In this article, we outline some of the key issues to consider for long-term care in El Paso, TX.
Key Considerations When Planning for Long-Term Care in El Paso, TX
Health
If you have any disabilities or chronic conditions, you should consider how your needs might change as you get older and what type of care you are likely to require. Even if you are in good health now, it's vital to have a plan in case your circumstances change. Ideally, this plan should cover all eventualities, from low-level support right through to full nursing care.
It's not easy to think about worsening health, and even harder to discuss it with your loved ones. But by having an honest conversation with your family, you'll be able to decide what care you might need from external sources. Various care options are available including day centers, nursing care homes, and at-home services.
Finances
Affordability is one of the main considerations when planning for long-term care. There are different options for meeting the predicted costs of long-term care, including the use of savings and investments. If you don't have sufficient funds to cover the cost, long-term care insurance might be a more viable option to provide future financial security.
Medicaid
If you plan to rely on Medicaid for long-term care, seeking legal advice is essential. The Medicaid for the Elderly and People with Disabilities program has strict eligibility requirements, and you will need to contribute towards the cost of your care. To plan effectively, you need to understand what you are entitled to receive, the cost, and the services included.
Medicaid Estate Recovery Program
Long-term care and estate planning are closely related and should always be considered together as a package. This is particularly important as your estate might be expected to repay funds under the Medicaid Estate Recovery Program (MERP).
Under MERP, the state may recover Medicaid expenses before the estate is distributed to the beneficiaries. However, exemptions exist, and by planning ahead it's possible to protect key assets from recovery.
Speak to an Elder Law Lawyer
An experienced elder care attorney can structure your long-term care plans in a way that delivers what you need while protecting your assets. With so many exemptions, the rules about Medicaid eligibility are complex, so scheduling a consultation with a skilled lawyer should be your first step.
With extensive experience in all areas of elder law, we can help create the right long-term care plan for you. Get in touch with our office at Townsend Allala, Coulter & Kludt, PLLC in El Paso, TX to set up your first consultation. In addition to serving the areas surrounding El Paso such as Midland and Odessa, TX, we also have an office in Truth or Consequences, NM and proudly serve Southern New Mexico.
