Bloomsburg Long Term Care Attorney
It is natural to want to live an active and independent lifestyle as long as possible. Unfortunately, as we age, cognitive decline and medical conditions can make living alone dangerous. In some cases, it becomes necessary to move into a long-term care facility or nursing home that has the staff and resources to provide high-quality and compassionate care. However, paying for this type of care can be extremely costly, and many people worry about how they’ll afford the expense.
This is where home care and nursing home planning can make a substantial difference for your future and that of your loved ones. At Kreisher Marshall & Associates, LLC, our knowledgeable elder care attorneys have the experience and resources to help you plan for the future so you can afford the quality nursing home care you need and deserve when the time comes.
It is never too early to consider crafting a plan for yourself or a close family member. Contact us today to speak with an elder care attorney and learn more about your home care and nursing home planning options.
What Is Home Care And Nursing Home Planning?
We all hope for a relaxing and enjoyable retirement and golden years that allow us to focus on family, hobbies, travel, and everything else that gives us pleasure and fulfillment. We look forward to kicking our feet up and escaping the weight and responsibility of the workplace. While many people plan for retirement by setting aside money for their living expenses, health care, and potential emergencies, some fail to plan for the possible need for long-term care, home care, or nursing home services.
Long-term care costs vary depending on the quality and amenities of the facility and the degree of assistance and medical intervention an individual requires. For example, long-term care facilities that specialize in serving those with dementia or cognitive impairments can be more expensive than other general nursing homes. The American Council on Aging suggests that a private room in State College costs more than $128,000 annually. Williamsport is just a little behind, with average costs reaching over $127,000 annually. Even in cities like Scranton, nursing home residents can expect to pay, on average, about $116,000 annually for a private room.
How do older adults afford the extreme costs associated with nursing home care? The answer is that it requires taking the time to engage in home care and nursing home planning. Home care and nursing home planning is a strategy that helps older adults or their family members financially prepare for long-term care. An elder care lawyer evaluates a person’s financial situation, considers their current and future care needs, and creates a financial plan that puts an older individual in the best possible position to afford the type of long-term care they need.
Why You Need A Home Care And Nursing Home Plan
If you have aggressively saved for retirement, you may think you don’t need to draft a home care or nursing home plan. That can be a significant mistake. Most people underestimate the cost of home health care and nursing homes. Some families find out too late that they do not have the financial means to pay for home care or the costs associated with a nursing home or long-term care facility. When the money starts to run out, what are your options? Some people opt to find lower-cost facilities and health care arrangements that risk compromising their health or the health and safety of a loved one. You deserve the best, and planning for what you deserve starts now.
One of the most common strategies for covering the cost of a nursing home stay is to apply for Medicaid. Medicaid is a government program that helps people pay for long-term nursing home care and other health care costs. It is a needs-based program, meaning an individual must meet specific financial and other eligibility requirements before they can receive Medicaid benefits.
Medical assistance eligibility is determined using income and household size. Individual and household assets must remain under a specific threshold for an older adult to qualify for benefits. If your assets are above this threshold, you are ineligible for benefits, and therefore, you won’t be able to turn to Medicaid to cover your long-term nursing home costs.
You need a comprehensive nursing home plan that can help you protect your assets while meeting eligibility requirements so you can get the help you need to cover the cost of your or your family member’s nursing home care. Proactive planning on your part can solve some of the most common issues people run into when they decide it is time to invest in long-term care for themselves or a loved one.
What Is Proactive Medicaid Planning?
Since Medicaid is a needs-based government medical assistance program, strict income and asset limits exist. If your assets exceed the specified limit, you are ineligible for Medicaid, and your application faces rejection. This means you will be responsible for covering the full cost of entering a long-term care or nursing home facility.
Sometimes, people will attempt to qualify for Medicaid by “spending down” their assets until they meet the government asset threshold. Many people are nervous about this strategy, and for good reason – they may be left with little to nothing to cover emergencies or other expenses, and they won’t have assets to pass on to their children or grandchildren.
Other people attempt to make themselves eligible for government benefits by “gifting” their assets to family and friends. On paper, they make themselves eligible to apply for Medicaid. However, their money and assets are held by family or friends. This tactic is another ineffective strategy because most individuals fail to realize the government imposes a five-year look-back period on all assets and financial transactions. Sudden and significant “gifts” are a red flag and can jeopardize eligibility.
Instead of taking risky approaches that could backfire and leave you with nothing, trust an experienced elder care attorney who understands the Medicaid system and its eligibility guidelines. At Kreisher Marshall & Associates, LLC, we have the resources to help older individuals and their families proactively prepare for the possibility of entering long-term care and meeting Medicaid eligibility standards. Utilizing nursing home care planning tools, an elder care attorney can help you find solutions that protect your assets and ensure you can get the long-term care you’ll need as you age. A Medicaid Asset Protection Trust is just one asset protection tool that may benefit you and your family.
Connect With An Experienced Elder Law Team For More Information
Whether you are currently seeking nursing care or want to plan for the future, it is never too early to make a home care and nursing home plan. The compassionate team at Kreisher Marshall & Associates, LLC, can evaluate your situation and develop a plan that addresses your long-term care needs and concerns. We have been helping people in Pennsylvania protect their assets and care for aging family members for over 50 years. Let us help you find long-term care solutions so you and your family can enjoy your golden years.
Contact our office today and request a confidential legal consultation. Let’s work together to create a sustainable long-term care plan that works for your family and provides the peace of mind you deserve.
