Va Aid & Attendance and Medi-Cal Planning

How to Pay for Long Term Care

As a senior approaches the twilight of their lives, the issue of paying for long term care becomes ever looming. Unfortunately the odds are fairly high that most seniors will end up in some form of assisted or skilled care.  Medicare is available to help at the onset of any medical issues but only cover long term care issues for a few months.  After which your options to pay for in home, assisted or skilled (nursing home) care are

• Self Insurance:  Using your life savings to pay for skilled care which typically costs around $7,000 per month.  However, cash clients will have the most options available to them when it comes to choosing a care facility.
• Long Term Care Insurance:  If you were fortunate enough to be able to afford this insurance when you were 50 or 60, such insurance can go a long way to providing the senior the funds they need to pa for long term care.
• VA Aid and Attendance Pension Benefit:  If you or your spouse were a veteran who served during a war era (ie WW II, Korea, Vietnam etc), you can qualify for long term care benefits of up to $2,000 per month tax free.  Financially qualifying for this benefit is fairly straightforwrd but may involve shifting some of your assets to an irrevocable trust.
• Medi-Cal/Medicaid:  The safety net available to financially qualified individuals.  Medi-Cal will pay your long term care expenses if you have less than $2,000 in liquid assets (cash & securities).  However, for most seniors, qualifying for Medi-Cal is quite complicated and we can help show you how to qualify to as quickly as possibe for this benefit.

To find out how our firm can assist you or your parents qualify for either the VA Aid and Attendance or Medi-Cal, please call to make an appointment at 949.288.3598 or use the contact us box for more information or to request an appointment. 

For more information on the long term care benefits, please click either

• VA Aid and Attendance Pension Beneift
• Medi-Cal (Medicaid in states outside CA)
• Medi-Cal Estate Recovery Lien