Our LocationIn Portland 15405 SW 116th Ave Suite 112 King City, OR. 97224 Contact Us503-639-8800 Disclaimer Elder Law / Medicaid Planning in Potrland and Central Oregon
Long-term care costs in Oregon are astoundingly high -- and they keep growing higher. Paying for assisted living arrangements and skilled care nursing homes for an extended period of time can utterly devastate a couple's entire retirement nest egg, and leave nothing for the next generation to inherit. Most everyone is simply unprepared to absorb the costs unscathed.
Possible SoultionsSome certainty and peace of mind can be realized for those who purchase long-term care insurance. But many Americans cannot afford it. Or worse yet, they simply cannot qualify because of a preexisting condition.If you are fortunate enough to have already purchased long-term care insurance, or are in a position to purchase it now, make sure you fully understand what's covered and what's not. Know your deductible, and understand the "daily benefit" limits and length of coverage. Medicaid EligibilityThe other option to pay for care is Medical Assistance or "Medicaid." It is a joint federal-state program, providing assistance to seniors below certain asset limitations and income limitations. These eligibility requirements are often complex to understand and increasingly restrictive (particularly after the enactment of the Deficit Reduction Act of 2005). Multiple rules covering look-back periods, transfer penalties, and characterizations of assets as "available," "unavailable" and "exempt" must be analyzed and planned around. |