Preparing For Tomorrow Today
A majority of your estate planning efforts are meant to ensure that your loved ones are taken care of after you’re gone. Less acknowledged, yet even more important, however, is the need to devise a plan for how you will be taken care of as you age.
Most adults will need to seek some form of long-term care solution as they grow older. These facilities can be rather pricey, making it difficult for most adults to afford their stay for more than a few months without any strategic advance planning.
Do not sacrifice the future you deserve because of the price. Our attorneys can help you get your affairs in order to ensure you are ready to receive the care you need when you need it.
Determine How You Will Pay for Care
If you or a loved one require long-term care, you have three main options to finance it. You could fund your nursing home stay by:
- Paying for the costs out of pocket
- Using long-term care insurance
- Using Medicaid
It’s important to note that Medicaid is separate from Medicare. While you may be receiving Medicare, this financial aid will cover very little, if any, nursing home costs.
Work with Our Attorneys to Become Eligible for Medicaid
While few can afford long-term care without financial aid, even fewer can qualify for financial aid without appropriate prior planning. In order to qualify for Medicaid, you will have to meet a certain income limit. Our attorneys can help you construct an estate plan that allows you to safeguard your assets while becoming eligible for government assistance.
There is a five-year look back period for Medicaid applicants. This means that, within the five years preceding an individual’s Medicaid application, they may not gift assets or sell them for less than market value in attempt to meet Medicaid’s limits. Our firm can help you strategically plan to protect your wealth and assets while remaining compliant with the strict guidelines of the Medicaid program.
Make a List of Nursing Homes That Accept Medicaid
If you are intending to use Medicaid to fund your long-term care, you must be aware of the fact that not all nursing homes will accept Medicaid. As part of your planning, you should compile a list of nursing homes you like that will accept Medicaid payments.
When You Do Not Have Time To Plan
While advance planning is the ideal approach and offers the greatest chance of preserving your assets, it is not required. Our attorneys understand that life is unpredictable and, sometimes, the need to find a nursing home is more immediate. If you are in a situation such as this, our team can still help you find the care you deserve at a price you can afford.
How Our Elder Law Attorneys Can Help
At Rainey & Rainey, Attorneys at Law, LP, we’re dedicated to protecting you and the future you deserve. Our lawyers will help you explore the options available to you and construct a plan to receive that care whenever you need it. Contact us online or at (254) 457-5083 to start your nursing home plan today.