Medicaid applications and asset protection planning. Married couples can protect most if not all assets and receive governmental benefits to pay for the nursing home. Single people can save their home and a significant portion of their life savings by doing proper Medicaid planning.
Medicaid Planning Helps Avoid Nursing Home Spend Down
While Americans are living longer than ever before, longevity comes with a price: Most of us will eventually require expensive long-term care. We certainly don’t want to alarm you, but consider the implications of the following statistics:
- At least 70% of people over the age of 65 will require long-term care at some point in their lives
- In Michigan, the average cost of a nursing home is over $8,000 per month, or $96,000 per year. In certain cases, the costs are considerably higher and are expected to rise in coming years
- Many families exhaust their life savings within a year or two of a family member moving into a nursing home
Elder law involves helping seniors and the people who love them plan for the legal, financial and emotional challenges that come with growing older. In particular, this specialized area of the law deals with the growing problem of how to pay for long-term care.
Long Term Care Planning
Long-term care planning, which is also called pre-planning or Medicaid planning, is for people who are healthy now but want to be prepared for the possibility of needing expensive long-term care at some point in the future. We will work closely with you to design a plan to protect your life savings against the cost of long-term care while at the same time ensuring you receive the care you need.
A word of caution—many people think that they can just give assets away to loved ones before entering a nursing home in an effort to qualify for assistance from Medicaid. While gifting is certainly possible, it must be done in precisely the right way and at the right time. The penalties for giving away assets improperly to become eligible for Medicaid are severe, including loss of eligibility for years. Contact us today to schedule a free consultation to discuss your options.
Coping with a Medicaid Crisis Situation
When a person has been told that he or she must enter a nursing home in the very near future and been denied Medicaid assistance to help cover the cost, it gives rise to what is known as a Medicaid crisis situation. Given the high cost of nursing home care in Michigan, denial of assistance from Medicaid is indeed a financial crisis for all but the wealthiest of families.
If you or someone you love is facing a Medicaid crisis, do not despair. What you must understand is that information about Medicaid eligibility provided by well-meaning friends, family and even social workers is often outdated or inaccurate. The laws governing Medicaid eligibility are complicated to begin with and seem to change from one year to the next. We understand these laws and can determine if you are indeed eligible for Medicaid assistance. Even if you are already in a nursing home, we may still be able to help. Contact us as soon as possible for a free consultation to discuss your situation. We can help you get the care you need without losing your home or your life savings.