Medicaid Planning
Medicaid Planning
Placing a loved one in long-term care can be devastating emotionally and financially. A nursing home can easily cost over $100,000 per year. Long-term care insurance can certainly help, but not only is it out of reach financially for many, age and health status can render many more ineligible. Additionally, many long-term care insurance policies have limited benefits. Medicaid is an important resource for long-term care, whether you have a separate long-term care policy or not.
Rules surrounding Medicaid eligibility and long-term care in the state of Florida have become increasingly complex and restrictive, making the assistance of a qualified attorney even more essential. Planning in advance can help you qualify for Medicaid-funded long-term care faster and preserve more of your assets. Some of the approaches to help you qualify include strategic “spend-downs” and lifetime contracts for the care of your loved one. It is important to note that these approaches need to be implemented before you need long-term care, so planning is essential.
What about emergencies?
Emergencies happen. What if you or your loved one have an unforeseen nursing home stay? There are strategies that can help protect yourself, your spouse, and your family from financial devastation. We can help you understand and apply for Medicaid. Contact us for a consultation.