At least 50% of healthy Americans above age 65 will need some form of long-term care in the future. This can come in the form of home care, assisted living or nursing home care. This kind of care might be necessary but regardless of the setting it can be very cost prohibitive.
There are five primary ways that you may be able to afford long term care in Virginia. These include:
- Private pay; in which you write the provider a check directly from your own accounts.
- Long term care insurance; which requires an active policy with regular premium payments. Only around 8% of Americans have bought LTC insurance.
- Veterans’ Administration benefits, but these VA programs pays for less than 1% of all long term care services in the US.
- Medicare; which is a common misconception since most people assume that Medicare would pick up the tab for long term care assistance. Medicare only pays for extremely limited benefits, such as a certain number of days in a nursing home if the person is receiving skilled care.
- Medicaid; a low-income form of benefits payments that is responsible for more than half of all long term care expenses in the United States.
The Medicaid program is administered at the state level. The primary aspects for Virginia Medicaid eligibility include Virginia residency, membership in a covered group, medical and functional criteria, resource eligibility rules, asset transfer rules, and income eligibility rules.
To learn more about these complex aspects, schedule a consultation with an experienced Virginia elder lawyer today. Planning in advance and thinking through these options before a crisis situation emerges makes it easier for you and your loved ones.