In this video, an experienced attorney breaks down what it means to be an elder law attorney and when you should hire one. Read on to find out more!
He begins the video by saying that you should hire an elder law attorney well before you think you need one. This means you should hire an attorney well in advance of actually needing long term elderly care. It is extremely important to plan for long term care costs because it will cost around $10,000 dollars per month.
This kind of cost can be financially devastating if not planned for. One of the things an elder law attorney can do is get the elderly person eligibility for Medicaid which can pay for the long term care. Even if you weren’t able to plan in advance and you have someone elderly in your life who needs the care right away, an attorney can help. There is usually still a plan that can be implemented on short notice, but it won’t save as much money as planning years in advance.
An elder law attorney can also use an advanced planning technique called long term care hybrid insurance policies. This is a type of policy that merges life insurance with long term care insurance. This type of policy is usually paid in a single premium so if you need long term care, it will pay you the required amount you need per month. If you never end up needing the long term care, the policy will be paid out in the form of life insurance to your heirs.
If you or a loved one are in need of long term care, contact an elder law attorney to discuss possible options. Getting ahead on this can only do you and your family good so be sure to get in touch with somebody right away.