Medicaid & Nursing Home Planning
The decision to go into a nursing home is a big step for any senior. Before going into a nursing home, it is important to make provisions for how to pay for the costs of custodial care in a residential environment. As you get ready to enter into a nursing home or are preparing your family member for the move, you also need to make sure that you understand your rights and the nursing home’s obligation to you.
A nursing home planning lawyer can provide invaluable assistance with making a financial plan to afford nursing home care, with reviewing nursing home admission paperwork, and with taking other necessary steps before entering into a nursing home, Call us a call toll-free at (516) 415-0696 or contact us online to get personalized advice on nursing home planning and to get answers to questions you may have including:
Answers to Popular Questions:
- What is involved in nursing home planning?
- When should I get help with nursing home planning?
- How can a nursing home planning lawyer help me?
Nursing home planning should begin with the recognition Medicare and private insurers will not pay for custodial care, which is the kind of care most nursing home patients need. Of course, there is always private pay, which is either unaffordable or an unappealing alternative.
For most people, Medicaid is the only realistic option for covering nursing home costs.
Unfortunately, Medicaid is restricted to people with few assets, and many seniors have a nest egg acquired over the course of their life. You can protect assets and make sure your money and property won’t be counted in determining eligibility for Medicaid if you create a plan early enough. This will allow you to hand your property down to your loved ones while getting Medicaid coverage sooner.
The cost of long-term nursing home care continues to grow in America. For many Americans and their families, the greatest fear is being unable to meet the cost of quality health care – being forced to spend their life savings before qualifying for government benefits. Smart Medicaid planning can help prevent this from happening.
Our firm helps people plan for the future through Medicaid planning. Medicaid planning is used to help clients protect their homes and their property. Medicaid planning usually involves the establishment of an irrevocable trust, and the transfer of those assets to the trust. If property has been timely transferred into a trust, the property will be protected, and it will not disqualify an individual from receiving Medicaid benefits.
Medicaid Planning for “In-Home” Care
In order to be eligible obtain Medicaid coverage for “in-home” home care, the applicant’s income and resources must not exceed Medicaid guidelines. Our firm handles Medicaid planning and applications for “in-home” nursing care.
Medicaid Planning for Nursing Home Care
When it comes to Medicaid planning for nursing home care, many people have heard of the 5-year “look-back period”. This look-back period serves as a penalty for people who transferred some or all of their assets into a trust during the 5-year period prior to the filing of a Medicaid application. In view of the look-back rules, clients are often concerned that they will not receive any benefit from Medicaid planning. It’s never too late to plan. While the best outcome is achieved when people do their Medicaid planning early, it’s never too late to protect your assets with smart Medicaid planning. Our firm handles Medicaid planning and applications for nursing home care.
Check out our FREE Resources on In-Home Care, Nursing Care, & Medicaid for more information.
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