Medicaid planning comes into play for seniors who develop a need for nursing home care later in life. Unfortunately, nursing homes can be very expensive but proper Medicaid Planning can help alleviate the expenses. Most senior citizens are limited to income in covering nursing facilities costs especially if there’s a healthy spouse still living at home. They will typically then rely on accumulated assets to cover the differences. The only positive way to ensure healthy living long into life is to choose Medicaid.
Medicaid does not take advantage of the system
In almost all cases, families are looking for immediate long-term care at a low cost however they usually don’t have enough money to pay directly out of pocket. Most families use Medicaid planning when they have very little assets to start with while some are simply concerned about the safety of their children and keeping their home.
Many Americans fear the cost of nursing homes
One of the top fears of older Americans is that they’ll be spending countless dollars in a nursing home. This not only means an incredible loss of individual autonomy, but also a large financial burden. Although the price of nursing homes vary on location and level of care, nursing homes can average between $40,000 and $180,000 per year.
Careful planning can protect your estate
Careful planning, whether it be in advance or in response to a need for care, can help protect your estate, your spouse and/or your children. This can be done by purchasing long-term care insurance and by making sure that you receive the benefits to which you are entitled to under the Medicaid and additional Medicaid programs.
You can quickly qualify for Medicaid benefits
For older Americans who are not in immediate need of long-term care, you may have the advantage of distributing or protecting your assets in advance. This way, you can qualify for Medicaid benefits. Although every client’s case is unique, as some people have more savings or income than others, a number of basic tools are typically used in Medicaid planning.
For more information on Goertz Law’s Medicaid planning services, contact us now. We’re glad to help!