With long-term care costs ranging from $5,000 to $9,000 per month, it should come as no surprise that two out of every three families go broke within one year of a prolonged nursing home stay. This is why medicaid planning for nursing home care has become critically important for most of the middle class. We can help you avoid the catastrophe of losing your life savings to the high cost of long-term care by using the tools and strategies commonly referred to in legal circles as Elder Law. We can help you plan in advance to meet the costs of long-term care, or help you in what is known as a Medicaid Crisis situation.
Proactive Medicaid Planning
Proactive Medicaid Planning is designed to allow you to qualify for Medicaid without losing most if not all of your resources. The main strategy is to utilize special planning techniques to make appropriate transfers at least five years before applying for institutional level of care benefits. Since none of us can predict the future, it’s very hard to judge when you or your spouse might need long-term care or other Medicaid benefits. That’s why you should contact us as soon as possible to design and implement your plan. The sooner you call the more options we will have to protect your savings for your enjoyment today and that of your loved ones after you pass away.
A Medicaid Crisis
Contrary to popular belief, entering long-term care without prior planning does not require you or a loved one to exhaust all savings and assets before qualifying for Medicaid. Crisis Medicaid Planning is designed to help both single and married applicants utilize and preserve their assets while simultaneously continuing to qualify for long-term Medicaid benefits. In addition to permissible spend-downs and exemptions, which are available to all applicants, single applicants may utilize variations of a strategy called “reverse half-loaf planning.” This can protect a significant portion of assets in most cases.
The bottom line is this: Medicaid offers a vast array of benefits, but determining how to qualify for them is like trying to assemble a complex jigsaw puzzle without the image on the box to guide you. Whether you are single or married, in need of proactive or crisis Medicaid planning, Schock Solaiman Ramdayal, PLLC has the experience and the expertise to help avoid the financial ruin associated with the high cost of long-term care. Contact us today to start the process of understanding the issues surrounding Medicaid eligibility and to implement the medicaid planning and application process.