Long Term Care, Medicaid planning and Asset Protection
The costs of nursing home care are astronomical. Many facilities charge in excess of $9000 per month for care. Medicare covers some of these costs but only in very limited situations and only for a specified period of time. Some individuals are fortunate enough to have long term care insurance, and this is something I recommend that people investigate. For the rest of the people faced with this concern, understanding Medicaid is critical. We help people learn more about this program.
We advise people who have concerns about paying for long term care. The range of clients we work with in this area includes relatively younger couples who want to understand the road ahead and make plans where they are in a position to take advantage of all options, as well as individuals or couples for whom a diagnosis has been made that may require long term care in the future. We also work with clients for whom the need is here now: a parent or spouse in a nursing facility or other type of care facility.
We discuss sources of available funding such as Medicare, Medicaid (also called Title 19 or Medical Assistance) Family Care and Veterans benefits. We discuss how to qualify for the benefits, and what the options are to protect assets from being depleted. Universally, our clients have a desire to receive high quality care and to avoid spending more assets than necessary to qualify for benefits. Many of our clients also have a desire to preserve assets for their heirs if at all possible.
We work with many clients who have been given misinformation from nursing home or hospital staff, from case workers, and from other friends and relatives. (If you would like to know more about these “myths” as we call them, take a look at Carol's elder law blog here.) We help explain how the programs really work and put minds at ease with better understanding.
Options that are available in a given situation can range from very simple to complex, and each depends on the particular facts and my clients’ preferences. There is no “one-size-fits all” solution when it comes to Medicaid planning. We can help you with all stages of the Medicaid eligibility process including pre-eligibility planning, application, follow-up with the Medicaid agencies, necessary planning after eligibility is granted, and fair hearings for inappropriate denials or to obtain a higher asset level for a married couple.
Please click here for a list of items you will want to bring to our initial appointment. We look forward to meeting with you.