Elder Law and Medicaid Planning

One of the biggest transitions a person may make in their lifetime is moving from their house into a nursing home. Of course, a nursing home can be a great new residence, especially for someone with advancing needs as they age, but it can be a difficult transition, nonetheless. There is a great deal to adjust to and there will also be many logistical hoops to jump through. It will come with other big decisions as well. For instance, what should a person do with their home when they move into a nursing home or assisted living facility? It is an important question with potentially large sentimental and financial implications.
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The rising cost of long-term care is a stark reality we as a society need to face. The fact that the majority of us will need long-term care at some point in our lives means that it is something we literally cannot afford to ignore. How are you planning to cover the cost of long-term care? The high cost means that it can quickly eat away at your life’s savings and most do not end up even thinking about long-term care insurance until they are no longer eligible to purchase it. This is why engaging in Read more . . .

While the majority of Americans will need some kind of long-term care at one point in their lifetimes, many fail to put plans in place to cover the often extreme costs associated with long-term care. Some operate under the mistaken belief that Medicare will cover long-term care costs. This is not accurate. Medicare only provides extremely limited coverage for nursing home care. If you or a loved one needs to stay for a longer period of time or needs to move into a residential facility, then Medicare cannot be relied upon.
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Many people may not think about Medicaid benefits until they actually need them. Medicaid provides critical benefits to individuals in need throughout the U.S.
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One prominent portion of elder law is long-term care planning. Much of long-term care planning focuses on your ability to plan for affordable long-term care based on the resources available to you. Long-term care is increasingly expensive and few can afford such costs without having their life’s savings quickly demolished.
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It may have been months since you have been able to see your loved one living in a nursing home. COVID-19 restrictions have been especially stringent in these facilities as the residents are part of a particularly vulnerable population and have been shown to be extremely susceptible to contracting the virus and experiencing extremely severe, even life-threatening, symptoms. After extended closures to the public, nursing homes across the country are beginning to reopen. They are, however, doing so cautiously. Before you go to visit your loved one in a nursing home that is planning to reopen, here are some things you will want to know about.
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Each year, Medicare open enrollment happens. Beginning on October 15 and ending on December 7, open enrollment marks an important opportunity for eligible individuals to enroll in Medicare plans or make changes to existing coverage selections. It is important that Medicare participants take time each year to review their existing Medicare coverage and make any changes needed in order to maximize their coverage opportunities.
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The cost of assisted living care in the U.S. is increasingly high. The average rent for assisted living ranges from $2,000 to $5,000 per month, with the national average falling somewhere close to $4,000 per month. Few people can afford this, but many older adults need some help living a semi-independent life, but do not require constant monitoring and medical supervision.
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Medicaid seems to always be in the news as it is often at the center of politics. There are many discussions on changes in Medicaid. Those in office or running for office frequently say that they will introduce legislation relating to Medicaid. Changes in Medicaid legislation can have a big impact on how can access

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Whether you are trying to make a decision for yourself or a loved one, selecting the right nursing home facility is a big decision. There is a wide range of options to consider. A facility will not be right for everyone. Take the time to research.

 

 

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Long term care is very expensive. Many people who are over the age of 65 will need long-term care at a certain point. Fortunately, Medicaid will help pay for long-term care for some people. There are, however, strict asset and income limitations in place in order to qualify for the program. Read more . . .