Elder Law / Medicaid Planning
Fort Lauderdale FL Elder Law Attorney
The high cost of long-term care, together with the fact that most seniors will eventually find themselves in a nursing home at some point in their lives, has made proper planning a critically important issue for many seniors and their families. With nursing home care averaging anywhere from $6,000 to $10,000 or more per month, it should come as no surprise that most middle-class families suffer severe financial consequences, and even lose all of their life savings, within one year of a prolonged nursing home stay.
Long-Term Care Options
One option to prepare for the high cost of long-term care is to purchase long-term care insurance. Sadly, this is not an option for many families, since these policies can be very expensive, and when you reach a certain age or have a preexisting medical condition, such a policy may not be available at all. It is important to note that if you are considering the purchase of long-term care insurance, you must have a thorough understanding of what the policy covers and, just as importantly, what it does not. Also, be sure to look at the deductibles and the amount of time the policy will cover a nursing home stay.
Assistance from Medicaid
Medicaid is a joint federal-state program that provides assistance to low-income individuals, as well as people who are over 65, disabled or blind. Given the costs of long-term care, Medicaid has become the largest payer of nursing home bills in the United States.
Laws governing Medicaid eligibility are constantly changing and have become much more restrictive following the Deficit Reduction Act of 2005. Look-back periods, income caps, waiting periods, asset transfer penalties and other issues must be taken into account. Many people think they can simply give assets away to family and friends in order to qualify for Medicaid assistance and have suffered devastating financial consequences for doing so.
As Fort Lauderdale FL elder law attorneys, we have the knowledge and experience to protect your assets against the high cost of long-term care. And even if you have been denied Medicaid assistance in the past, or are already in a nursing home, we may be able to help you obtain the assistance you need.