Long-term care planning is an important aspect of overall financial and healthcare planning for many individuals and families. As we age, the likelihood of needing long-term care, such as nursing home care, increases. While no one wants to think about the possibility of needing extended care, it is essential to plan for it in case it does become necessary. By taking the time to understand the different options available and making informed decisions, you can ensure that you or your loved ones receive the care they need without causing financial stress.

Is Long-Term Care Insurance My Only Option in Mississippi?

There are several options for paying for nursing home care, and the best choice will depend on your individual circumstances and financial situation. Here are some of the most common options:

• Medicare: Medicare is a federal health insurance program that covers a range of medical services, including some types of nursing home care. However, Medicare coverage is limited and typically only covers care in a skilled nursing facility for a maximum of 100 days.
• Medicaid: Medicaid is a government-funded health insurance program for low-income individuals and families. It covers a wide range of healthcare services, including nursing home care. To be eligible for Medicaid, you must meet certain income and asset limits. This is where we can help! We are experts in rearranging your assets, so you keep what you’ve earned, and STILL meet Medicaid’s strict eligibility requirements.
• Long-term care insurance: Long-term care insurance is a private insurance policy that covers the costs of extended care, including nursing home care. It can be an expensive option, but it can provide peace of mind knowing that you have coverage in place if the need for long-term care arises.
• Personal savings and investments: If you have saved enough money or have investments that you can use to pay for nursing home care, this can be a good option. However, it is important to keep in mind that the costs of nursing home care can be significant and may deplete your savings quickly.
• Veterans benefits: If you or your spouse is a veteran, you may be eligible for benefits through the Department of Veterans Affairs (VA) that can help cover the costs of nursing home care.

When Should I Start Planning?

It is important to start planning for long-term care as early as possible. This will give you more time to understand your options and make informed decisions about how to pay for nursing home care. You may also want to consider working with an elder law attorney to help you plan for the future.

Overall, long-term care planning is an important part of overall financial and healthcare planning for all Mississippians. By taking the time to understand the different options available and making informed decisions, you can ensure that you or your loved ones receive the care they need without causing financial stress. Call us today at 601.925.9797 or click here to schedule a call to see how our firm can help you pay for long-term care without going broke!

Tags: long term care insurance, Medicaid asset protection, Nursing Home Costs