The Villages Nursing Home Planning Attorney
It is estimated that approximately 40 percent of people aged 65 or older will require nursing home care as they age. The average cost for even a semi-private room in a nursing home is over $100,000 every year. Most people do not have the assets necessary to pay for the care they need. It is for this reason that nursing home planning is so important. Contact our skilled The Villages nursing home planning attorney for more information or further assistance.
Why Plan for Nursing Home Care Early?
Not only is nursing home planning important, but it is also critical that you make plans as early as possible to ensure you are protected. Many people carry private health insurance, believing that is all they need. When they require nursing home assistance, they are then surprised to learn that nursing home care is not covered with this type of insurance. Medicare benefits are also only available for 20 days of coverage after a hospital admission resulting in a stay of at least three days. In very limited situations, another 80 days may be partly covered.
Some people purchase long term care insurance in the event that they ever require nursing home care. However, this type of insurance rarely covers the entire cost of nursing home care. Many people then have to pay for at least some of the costs out of their own pocket, unless they have assistance through Medicaid.
Medicaid planning is often the best way to plan for possible future nursing home care. It is important to start planning for Medicaid as early as possible because Medicaid will look back at assets for the five previous years. If you have transferred significant assets within that time, it can negatively impact your eligibility for Medicaid. In some cases, crisis planning is possible when immediate placement is necessary, but this strategy is much more difficult than planning early.
Nursing Home Planning Strategies
There are many strategies that can help you plan for nursing home care. These include:
- Asset protection: You may be able to protect some of your assets by converting property into exempt assets, such as purchasing a home.
- Trusts: There are a number of different types of revocable and irrevocable trusts you can use to protect assets. Trusts are separate legal entities and so the property within it is not technically yours for purposes of Medicaid benefits.
- Spousal allowance: Medicaid allows for a spousal resource allowance that protects the assets of the non-institutionalized spouse.
Our Nursing Home Planning Lawyer in The Villages Can Provide the Legal Advice You Need
William Rambaum, P.A. is a nursing home planning attorney in The Villages who will carefully listen to your needs, answer all of your questions, and work closely with you to develop and implement a long-term care planning strategy that is right for you and your situation. Call us today at 727-781-5357 or contact us online to schedule a consultation with our experienced attorney and to learn more about how we can help with your case.
