Reply to Do LTC care have pay out caps?

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[quote=Anonymous]

I am the poster who mentioned we got LTC years ago (20 to be exact) as we have a disabled daughter whose care we will need to plan for.  I posted here because the point of looking at LTC is important for most families.  W, as the above poster did want to cover our health care and living options, to reduce the impact of support on our daughters as much as possible.  Actually, even if you are extremely wealthy, the idea of finding a long-term place for a disabled adult to reside before say one might qualify by age for a specific setting is extremely hard.  You do not exactly see a lot of agencies saying we have new apartment or home options. And then there is the issue of staffing any setting.  But more to the question at hand, we happened to get LTC with no time restriction on paying for care, which I verified.  This kind of plan is not usually done today, BUT there are also a lot more flexible way to fund and develop a LTC plan with companies if you do not have one.  In our area the local senior center regularly has programs related to future planning, and it was fascinating to hear about some of the new options.  Of course, as we need a well-referenced lawyer with experience in our planning, if you were looking at a creative way to fund LTC, you  need to be working with a well referenced insurance broker/agency.  Also, the center here has an insurance broker who will at no cost review a person's LTC contract and/or situation to make suggestions of how one might proceed.  In one case, the person said, she helped a woman get the $300K unused portion of LTC that her husband had, but did not use as the insurance company had never told her the coverage could be transferred.

If you are thinking of getting legal help to shield your assets, you do need to do it with the idea that there are several legal questions on the relatively simple long-term Medicaid application form regarding various transfer of asset questions with the 5-year look back period.  In our area, there are elder law lawyers who can meet with you and explain their services and listen to your needs to see if one might be a resource.  What was clearly pointed out is that it is the contract that will govern the services and any guarantee of services that a person will receive in a CCRC or other setting, so it may be important to have any contract reviewed by your lawyer before you sign.[/quote]

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