A diagnosis of Alzheimer’s disease, dementia, or another progressive neurological disease is a life-altering moment for both patients and their families. As these conditions progress, the need for long-term care becomes increasingly crucial. Proper planning is essential to not only ensure the best care but also to protect your assets and provide for your loved ones. Let’s explore the importance and benefits of long-term care planning, especially through Medicaid, known as the Arizona Long Term Care System (ALTCS) in Arizona.
Understanding the High Costs of Long-Term Care
Long-term care can be exceptionally costly, and the reality is that many of us will require it in our later years. Whether it’s nursing home care, assisted living, or home health care services, the expenses can quickly deplete your savings and assets. On average, the cost of a private room in a nursing home is significantly higher than most people’s retirement or savings can accommodate.
It’s essential to have a financial plan considering not just the immediate medical expenses but also the potential long-term care costs. When long-term care isn’t properly planned, families can be forced to make difficult financial decisions under emotional stress, depleting assets that could otherwise be protected.
Accelerating ALTCS Eligibility
Proper planning can help accelerate your eligibility for long-term care coverage through ALTCS, even if you might not ordinarily qualify. The ALTCS program in Arizona is designed to assist individuals who require long-term care but may not have the financial means to cover the costs. By strategically managing your assets and finances, you can preserve resources for your spouse or other family members, ensuring that they are financially secure during this challenging time.
How Lihn Law Group Can Assist
Our team at Lihn Law Group specializes in long-term care planning, including ALTCS planning and applications. We understand the intricacies of the system and can guide you through the process. Don’t wait until you’re in a crisis. Reach out to us today to discuss your long-term care planning needs and secure your future.
Please feel free to contact Lihn Law Group for expert guidance and support at (602) 887-5031 or write us at lihnlawgroup.com/contact.