Usually through direct private payment, insurance policies, or asset reallocation, and Medicare assistance. There are different types of long-term care, including in-home, assisted living, and nursing homes. While this care may be medically necessary, it may also be extremely expensive.
According to MarketWatch, nursing home care in Massachusetts averages about $12,000 per month.
So it's important to work with an experienced legal advisor who can help you make informed decisions.
Pay Options for Long-Term Care in Massachusetts
If you are faced with the possibility of nursing home care, there are three ways to cover costs. You can:
- Pay privately. This means you'd pay out-of-pocket for nursing home care. Regardless of the value of your financial assets, there's still the risk of potentially using all of your money and not have anything left for loved ones.
- Purchase a policy. This includes a long-term care insurance policy or a life insurance policy with an appropriate rider to cover long-term care.
- Position your assets to financially qualify for Medicaid. Medicaid operates through MassHealth in Massachusetts. To qualify, a single person cannot have more than $2,000.00 in assets. However, when trusts are used properly, there are ways to exclude assets from this limit. If you decide to pursue this option, it's important to act early because you can be penalized for any gifts you make within five years prior to the Medicaid benefit application.
Each option has pros and cons. It is crucial for financial stability to work with a legal advisor who understands your objectives and individual needs.
Attorney Michael Monteforte, Jr. will review the options with you so that you can make an informed decision. Call today at 978-657-7437, or fill out the contact form on this page to schedule your Strategic Planning Session. This meeting helps you start planning for long-term care and the protection of your family’s financial assets.