When you reach your older years and time of retirement, you may find yourself among the many individuals who need long-term care. Numerous issues could result in the need for this care, such as mental deterioration, serious illness or injuries. Unfortunately, incapacitating events are not uncommon for individuals over the age of 65, and the costs of receiving care can often prove difficult to address.
Though you may have taken some steps to put away savings in the event of needed care, you may not have enough to cover what is necessary for a nursing home stay or other long-term services. Because of this possibility, you may wish to consider creating a long-term care plan along with your estate plan. You may even be able to utilize trusts in order to potentially qualify for Medi-Cal.
What is Medi-Cal?
You may know that Medicaid is a federally offered benefits program that provides qualifying individuals with financial assistance for long-term care needs. In California, Medi-Cal is the state’s version of this program. It still has eligibility requirements that you must meet in order to obtain assistance, many of which depend on your income and accessible assets.
How can trusts help?
Because your income and accessible assets must not exceed a certain amount, you could potentially use trusts in order to remove some of your assets from your estate. However, only certain trusts may prove useful in this endeavor. When looking for a trust to suit your needs, you may wish to consider the following tips:
Medi-Cal can often prove helpful when it comes to paying for long-term care. If you have questions regarding how to plan for your care needs and how to qualify for financial benefits, you may wish to find out more information by calling the Law Offices of Alice A. Salvo.