The high cost of long-term care has made planning a critically important issue for most middle class seniors and their families. In fact, most seniors will likely require some form of long-term care. Sadly, many of them are unprepared for the significant financial burdens it places on their family's hard earned savings. Financial devastation looms large for a family facing ongoing care at a rate of $8,018.00 or more per month.
Medicaid is a state benefit that can help seniors afford long-term nursing home care. To qualify, your income and asset must not exceed certain limits. Everyone has the option to privately pay for nursing care, but many individuals cannot afford this expense. The average cost of a nursing home in Michigan is $8,018.00 per month.
There are a number of tools available in Medicaid planning to help a client qualify for Medicaid benefits without having to first seriously deplete their savings. You may have heard some of these terms: trusts, annuities, gifting, promissory notes, or spending down. Trying to navigate these tools alone or using an inexperienced attorney to create a Medicaid plan can result in mistakes, leading to ineligibility. Sometimes, staff at hospitals or nursing homes will offer to file a Medicaid application for you at no cost. Be careful, they do not represent you, but rather, the institution for which they work. Even with the best intentions, they often do not have the legal knowledge necessary to determine whether or not your qualification is accurate. Never apply for Medicaid unless you know you are eligible.
Helping You Qualify for Medicaid
The laws around Medicaid qualification are extensive and there are many exceptions a legal planning techniques to help seniors to prevent the devastating financial effects of long term care. Andrew Byers is an experienced elder law and Medicaid attorney who understands how to implement a comprehensive and legal plan designed to receive a Medicaid approval while protecting assets from the cost of long term care.
Feel free to contact us today to learn more about the issues surrounding Medicaid eligibility and to begin the planning and application process.