Long term care planning is vitally important for seniors. Many, however, do not have the money to pay for this type of insurance coverage, or do not qualify because of their age or medical condition. Even those who do have long-term care insurance may need to look to Medicaid for help in paying for their care.
Long-term care costs may be as much as $10,000 or more per month. Many families are unable to pay these costs for their parents. If individuals are unable to afford private long-term care insurance, their other option is a joint federal-state program called Medi-Cal. This program offers assistance to those 65 years of age or older. This company is the largest in the nation and is an option for those who have no other way to pay for their care.
Medi-Cal rules are different in each state, and are complicated to understand. It is best to try and navigate the system with the assistance of a lawyer familiar with long term care planning, as now there are a variety of rules and regulations that deal with waiting periods, transfer penalties, income caps and look-back periods.