Medicaid Planning: How To Become Eligible Without Draining Your Life Savings
At some point, many seniors end up needing long-term care in a nursing home or similar facility. Yet the costs of institutional care are astonishing — roughly $96,000 per year nationally and up to $10,000 per month in the Brevard County area. For most people, paying these costs out-of-pocket would drain their entire life savings in a matter of months.
Medicaid covers these costs for those who qualify. As a state-administered, federally funded program, Medicaid is a lifeline for elders in need of institutional care. However, to be eligible for Medicaid assistance, your income and assets cannot exceed certain levels.
The Importance Of Planning Ahead
Many people think they will have to spend down their life savings to qualify for Medicaid. Fortunately, that is not necessarily the case, especially for those who plan ahead. You can use certain legal tools — such as qualified income trusts — to safeguard your earnings. The sooner you start planning, the easier it is to take advantage of the many different strategies for establishing eligibility.
Learn more about Medicaid and long-term care planning: Read our answer book.
The Importance Of Working With A Qualified Attorney
When it comes to Medicaid planning, the rules and regulations are extremely complex. Even small missteps could disqualify you for benefits. For this reason, it’s important to work with an elder law attorney who understands this area inside and out.
You will find this high level of specialized knowledge at the Melbourne law firm of Our lawyer is a certified specialist in elder law through The Florida Bar. This means he has achieved an advanced level of training and experience in this niche area. By partnering with our firm, you can rest assured that you and your loved ones are in good hands.