Managing the Cost of Long-Term Care
Most of us will require long-term care at some point in our lives while 20 percent of us will need long-term care for five years or more. The median cost of nursing home care in the United States for a private room was more than $100,000 per year in 2019. In certain situations, long-term care costs considerably more and costs are expected to rise dramatically in the future. Sadly, many families exhaust their life savings within two years of entering a nursing home.
We can help you plan in advance for the possibility of needing long-term care in the future. We can also help you qualify for assistance from Medicaid and other sources to obtain the care you need while simultaneously preserving your life savings. We can even protect your hard-earned assets if you are already in a nursing home or must move to one soon.
Long-Term Care Planning
Long-term care planning, also known as Medicaid planning, is for people who are healthy now but want to ensure that they will be able to get the care they need if they become incapacitated, without losing their life savings. We can design a plan that allows you to protect your assets and adequately manage your financial and personal affairs in the event of incapacity or disability. With such a plan in place, you ensure that you will be well cared for if you become incapacitated. You will likely enjoy greater peace of mind as well.
A Medicaid crisis is a situation wherein an individual resides in a nursing home--or must move to one soon--and has been informed that he or she owns too many assets to qualify for assistance from Medicaid. If you have been given news like this, don't panic. You must understand that information provided by friends, social workers, nursing home intake staff, and even Medicaid workers is quite often outdated or just plain wrong. The laws governing Medicaid eligibility are ever-changing and quite complicated. Few people understand them. We do.