Let’s face it. Long term nursing care, either in a facility or at home is expensive. Depending on location and level of care, nursing homes cost between $35,000 and $150,000 a year. Home health aid costs about $200 per day. Most people end up paying for nursing home care until their savings run out. Then what? Is there a way to protect your assets for your spouse, your children, or your favorite charity and still obtain the level of care that you need?
Medicare Part A covers up to 100 days of skilled nursing care. However, because the definition of skilled nursing is quite stringent, few people end up receiving the full 100 days of coverage. What happens when your Medicare runs out?
Unless you purchased long-term care insurance when you were healthy, or qualify for Veteran’s benefits, you will need to become eligible for Medicaid.
Medicaid is this country’s “insurance plan” for long-term care. Unlike Medicare, which is an “entitlement” program (all retirees and disabled individuals who receive Social Security benefits also receive Medicare as their health insurance) in order to be eligible for Medicaid, you must become “impoverished” under the program’s guidelines.
This is where an experienced Elder Law attorney comes in. In my practice, I advise my clients how to financially qualify for Medicaid even if they have too much money and want to preserve their assets for their families. This can be done years ahead of needing the benefits or in a crisis situation. Last week, I helped a family preserve Dad’s life savings even though they didn’t come to see me until one week before his Medicare ran out!
There are ways to quaify for Medicaid even if you have too much money. Call the Law office of Debra G. Simms to consult us about Medicaid Planning. Toll free: 1-877-447-4667.