Elder Law 101 – It may not be exactly what you think!
Things that no one wants to think about much….
Yes, those boring will, trust and probate discussions all fall under the Elder Law umbrella. But at the Elder Law Practice, we also dedicate a significant portion of our time to helping caregivers and their aging loved ones find the best possible care (including respite care) – without going broke. We’re committed to helping families utilize every benefit available.
For many of our clients this includes Medicaid Planning or Medicaid Crisis Planning.
Medicaid is a cooperative federal/state program designed to assist with the expense of medical services for the elderly, blind and disabled poor in Arkansas. It covers a wide range of benefits, including long-term care.
With nursing home costs averaging up to around $6,000 per month, many families will quickly deplete any savings and assets they’ve managed to accumulate – often within the first year of placement – if they pay out-of-pocket. A good option for many is to plan to qualify for Medicaid.
In our lifetime, Medicaid has become the long-term care resource for the middle class. As life expectancies increase, so do the odds that you, your spouse or one/both of your aging parents will eventually need long-term, skilled nursing care. About two-thirds of the nation’s nursing home residents have their costs of care covered in part by Medicaid.
But eligibility to receive Medicaid requires meeting certain criteria regarding income and assets. Most people think they have to “spend down” most of their assets before Medicaid will cover long-term care expenses. The reason to seek assistance in qualifying for Medicaid is simple – you need to protect enough assets to ensure the security of your loved ones.
Federal laws can protect your loved ones from becoming impoverished because of your long-term care costs.
Becoming eligible for Medicaid could save you thousands of dollars each month, but it must be done correctly. Qualification rules are complicated and ever-changing. Without the proper advocate to guide you through the process, you may spend more out-of-pocket than necessary. As Elder Law attorneys and nursing home professionals, we deal with such issues every day. We’re here to help you prepare for the possibilities ahead.
Some additional resources:
Barraged Boomer’s Guide to Medicaid Planning & Division of Assets
(Helping you get the care your loved one deserves while legally protecting your family’s assets.)
This guide is intended to help you better understand how to pay for a nursing home stay. Medicare only pays for a short number of days. After that, the name of the game is to qualify for Medicaid as soon as possible. If you have a loved one that is going to a nursing home soon (or even if they are already there) this information may help. In many cases, there are ways to save assets without spending everything that your loved one has worked for and saved. Download it for free here.
Visit our FAQs page (click here):
A few of the most common Elder Law questions that we answer daily – obviously very generic by nature, as each situation is unique and deserves individual attention. Families in Arkansas can call 501-843-9014 to schedule a free 30-minute consultation.
The information provided on this blog is intended as general information only for a broad audience. It is not intended as legal advice and should not be acted upon as such. If any reader has questions or concerns about any matter mentioned herein, he/she should contact an Elder Law Attorney or other appropriate professional. If any reader has questions or suggestions about a future topic area that he/she would like to see discussed, please contact the author at email@example.com.