There are a variety of ways to pay for long-term care. Some people in New Jersey have a long-term care insurance policy. Other people may be eligible for public benefits aside from Medicaid like, for example, Veterans Affairs Aid and Attendance. A person may take out a home equity loan or a reverse mortgage to pay for long-term care. For certain individuals, it may be possible to fully deduct long-term care costs from their federal income taxes. Funds in retirement accounts can also be used to pay for long-term care.
Finally, some people will rely on Medicaid to partially fund their long-term care needs. They should keep in mind that, while there are exemptions to Medicaid’s five-year look-back period, it may not be wise to rely entirely on Medicaid for long-term care needs.
A person has many options to consider when planning for long-term care needs. It can be difficult to determine which to choose and how to legally go about pursuing a choice. Fortunately, attorneys are available to explain legal options when it comes to long-term care. At McHugh & Macri, we understand how important it is for people to consider all possibilities when it comes to long-term care planning. Medicaid eligibility laws can be complex, as can setting up trusts to cover long-term care costs. People need to know what their options are under the law, so they can make informed decisions.
Some people will plan out how they anticipate paying for long-term care long before they need it. Other times a person might not be able to make these decisions far in advance. An emergency may take place that makes it necessary for them to make a decision in a short amount of time. In either case, it is important that they are informed about all their legal options. With the right information, they can choose the method of paying for long-term care that is best for them.