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Michael
H. Markss, Esq © 2006
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elder
law - page 5
Can I protect my savings and assets?
A key question: the Medicaid laws and rules require
that you spend almost all of your own money first,
before you are eligible for Medicaid to pay for your
care. However, with proper planning, families can
often keep more of their savings and assets, than
without planning. Changes in Medicaid law in February
2006 made it more difficult to keep and protect your
savings.
Will my kids have to pay for my care?
While planning for patients and spouses to obtain
needed care, we also try to protect other family
members from liability for payment. If you are not
eligible for Medicaid benefits, your children often
must help pay for their parent’s care voluntarily,
from their own assets and savings. Pennsylvania
has recently taken steps to try to require that
children pay for their parents’ care — but the future
of such attempts is unknown.
What is long-term care insurance?
Long-term
care insurance is a private insurance policy that
will pay benefits for long-term care or custodial
care. Not all policies are the same; you can buy a
basic policy or you can buy a better policy that pays
more or covers more. Policies can pay benefits for
different levels of care — skilled nursing care, assisted
living or personal care residence, or for care and
services in your home.
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