Nowadays, with so many advances in medical care, our seniors are living longer. While that leaves many more years for families to create memories and shared experiences, have you considered that it also means that our senior family members may require more full-time nursing care as they age?
Long-term care can be incredibly expensive which means it may be important to start planning early. According to a recent survey, it costs over $100,000.00 per year to be a resident in a private room in a nursing home facility. It may be difficult to have to spend that kind of money on your own medical care when you would much rather preserve your assets for your children and other beneficiaries. If you plan appropriately with an elder law attorney, though, there may be ways to get some or all of these expenses covered.
An elder law attorney who specializes in Medicaid can help you with this planning. Unfortunately, Medicare does not pay for long-term care, and, in order to qualify for Medicaid, you must not exceed certain income and asset thresholds. With the right planning in advance you may qualify for Medicaid, even if you currently exceed the threshold levels. Some people are under the mistaken belief that they will qualify for Medicaid because a spouse has the wealth, as opposed to having wealth personally. This, however, is not the case. A prenuptial agreement designating one spouse’s wealth as separate property will not allow the other spouse to more easily qualify for Medicaid. This is because Medicaid will not honor those provisions in a prenuptial agreement when analyzing how many assets or how much wealth a person has. Medicaid counts not just the assets of the person receiving the nursing home care, but also the assets of his or her spouse. Even if you have a prenuptial agreement in place, you should consult an experienced elder law attorney to assist you in employing other strategies to help you qualify for Medicaid.
Our office is here to help you put a plan in place that will assist you in qualifying for Medicaid benefits to cover the costs of long-term care. Please contact us today to schedule a meeting time.