PLEASE NOTE: To protect your safety in response to the threats of Covid-19, we are offering our clients the ability to meet with us in-person, via telephone, or through video conferencing. Please call our office to discuss your options.
Polizzotto & Polizzotto
Call Us Today
347-462-0510 | 718-213-4861
Founded Over 40 Years Ago

Long-term care and your financial situation

If you're in the process of creating an estate plan or simply thinking about the future, it won't be long before matters associated with long-term care move to the top of your mind.

It's your hope that you never require long-term care as you age, but you can't assume this will hold true. And that's why you need to implement a comprehensive long-term care plan.

While there are many questions to answer, here's one of the most important: How will you pay for long-term care should it be necessary in the future?

This differs from one person to the next, but here are five of the most common ways to pay for long-term care:

  • Personal savings: It's not the best option, as no one wants to spend their savings on long-term care, but it may suit your situation. If you have money in the bank, it can help pay for all types of long-term care.
  • Long-term care insurance: If you purchase a policy when you're young and healthy, you can secure coverage at an affordable price. Should you need long-term care in the future, your policy will then kick in to pay for some or all of your expenses.
  • Medicaid: While Medicare only pays for some types of long-term care for a short period of time, Medicaid is designed to provide more expansive coverage. If you qualify for Medicaid, it's often the best way to pay for care.
  • Veteran's benefits: If you served the country in the past, you may be eligible for veteran's benefits. There are many programs in place to help you.
  • Reverse mortgage: This allows you to convert some or all of the equity in your home into cash you can use to pay for care.

There's nothing simple about planning for long-term care, but it's an important part of your estate plan. Once you have this detail figured out, you'll feel better about anything the future can throw your way.

With so many options to consider and roadblocks standing in your way, it's important to tackle long-term care planning as soon as possible.

Visit our website for additional guidance pertaining to long-term care and other elder law matters.

No Comments

Leave a comment
Comment Information
Contact us today

Contact Our Law Offices

Give our attorneys the opportunity to demonstrate the personal, professional attention that we offer each client. Call 347-462-0510 or contact us online today.

Contact the Firm

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Connect With Us

Leap Portal

Brooklyn Office
6911 18th Avenue
Brooklyn, NY 11204

Phone: 347-462-0510
Fax: 718-256-0966
Brooklyn Law Office Map

Manhasset Office
1129 Northern Blvd #404
Manhasset, NY 11030

Phone: 347-462-0510
Fax: 718-256-0966
Map & Directions