Long-Term Care Options in Kentucky
We love our homes. Many of us never want to leave, but due to advanced age and health issues that may not be possible. At some point we may need to get extra help in our homes or find a new home in a long-term care facility. The idea of that may seem frightening, but what’s even more scary is what may happen if you don’t plan for it ahead of time.
Whether you’re thinking of planning ahead for your future or for that of your parents or another loved one, McNeely Stephenson can be trusted to help you navigate through the practical, financial and legal issues that come with long-term care, including:
- Medicaid applications
- Asset protection
- Long-term care options
- Powers of attorney
The attorneys of McNeely Stephenson are compassionate elder law attorneys, and we understand what you’re going through. Our lives and families are interwoven with the fabric of the Kentuckiana community. We have helped many clients with the challenges faced by aging spouses, parents and grandparents, and we can help you, too.
Our attorneys help families find solutions to manage their long-term care needs in a way that preserves their ability to control their lives and maintain their financial health and family relationships. Our goal is to allow families to remain focused on the most important aspect of aging: enjoying productive lives with those you care about.
Elements of a Kentucky Long-term Care Plan
There are many aspects to long-term care planning.
- Medicare is a federal health insurance program supported by mandatory payroll deductions. It serves mainly those older than 65 and the disabled. Recipients may pay a monthly premium, based on how long they have been employed. The program has four parts, including Part A (for some short-term, in-home medical help prescribed by a doctor, but not for long-term custodial care) and Part D (for prescription drug coverage).
- Medicaid is a federal and state program that provides medical and long-term care for those who are impoverished. Medicaid recipients normally have few out-of-pocket costs. The program may cover home care or day services if you’re 65 or older, as well as nursing home care. A person may receive Medicaid and Medicare benefits at the same time. With the right approach, a person’s assets could be structured so that, over time, they would qualify for Medicaid coverage while getting the benefits of their assets.
- Social Security benefits are paid for retirement and disability and may be paid to widows or widowers. If you worked low-paying jobs or earned cash over your lifetime without paying into Social Security, you may qualify for the Supplemental Security Income (SSI) program, which is a welfare program for the disabled and elderly.
- Veterans benefits come in several types and levels. If you’re an aging military veteran who needs continuing medical care because of a service-related disability, medical benefits, hospitalization and prescription drugs may be available from the Veterans Administration.
Each program has specific qualifications and related paperwork. Trying to get these benefits for yourself or your parents can take a tremendous amount of time and effort not just to fill out the correct forms and obtain necessary documents, but also to learn the details of each program, how they work, who qualifies and how. McNeely Stephenson is here for you and your family, to help you get through the process as quickly and as effectively as possible.
Powers of Attorney Need to be Part of a Kentucky Long-term Care Plan.
There are numerous legal documents that could play key roles in helping you or a family member obtain long-term care in the quickest, most simple and least expensive ways possible. One of the most important is the power of attorney. This document should be part of every estate plan.
- A financial power of attorney allows a person to set aside assets for his or her own benefit, or for the benefit of others, to be managed by an agent.
- It may be effective immediately or at some predetermined later point in time. The agent may be responsible for all the person’s finances and expenses or only limited assets to pay certain bills.
- A healthcare power of attorney names an agent to make medical decisions in case the person is unable to do so.
Before we draft these documents, we ask important questions and listen closely to what our clients say.
A guardianship may be Needed for Kentucky Long-term Care.
Without properly drafted powers of attorney, a guardianship may become necessary if the person becomes unable to make his or her own decisions concerning financial, personal or medical affairs. Guardianships are:
- Court ordered, and they require a fact-finding process. It must be shown that a guardianship is necessary, not just helpful or convenient, and that the right people are willing and able to make decisions for the person.
- Generally, guardianships are much more expensive to obtain and maintain than a properly drafted power of attorney. Ongoing record-keeping requirements are often much more extensive.
Whether you live far from your parents or loved one, live with and care for them, or are somewhere in between, the attorneys at McNeely Stephenson can provide you and your family with options so that you can craft a long-term care plan that best fits your family’s needs. Whether you’re planning for your own future or for the future of a loved one, please consider allowing us to help you. Contact us today to start finding solutions.