If your family is concerned about long-term care for an elderly parent or grandparent, it may help to know you have options to avoid assets being depleted by the cost of care.
Galloway and Collens, PLLC, is the firm families throughout the Detroit region and southeastern Michigan have been coming to for more than 15 years to protect their financial assets from nursing home costs. We also proactively work to address the potential impact of Medicaid estate recovery.
What Are Your Options For Long-Term Care Planning?
In the United States, there are typically three ways to pay for nursing home and long-term care expenses:
- Private savings: For families with sufficient financial resources, nursing home care can be paid for directly; however, the cost of direct payment is often prohibitive and reduces private assets more quickly than many families realize.
- Long-term care insurance: This type of insurance covers much of the cost, but may not cover all expenses. In addition, long-term care insurance premiums can be prohibitively expensive if the policyholder doesn't purchase the policy until late in life.
- Government sources: Seniors also have the legal option of receiving nursing home and long-term care through the government-run Medicaid program or through the Veterans Administration for qualifying veterans.
Helping You Develop A Customized Long-Term Care Plan
When you come to us about protecting your estate from nursing home costs, we will explain the process and give you a comprehensive overview of your options. We will work together to review existing resources and then develop and implement a complete plan to maximize your assets so that you or your loved one will receive the best, quality care in the desired setting. Our goal is to help you keep as much of your financial success in your family as the law allows.load more content