THE HIGH COST OF LONG-TERM CARE has made planning a critically important issue for seniors and their families. In fact, most seniors will likely require some form of long-term care. Sadly, many are unprepared for the significant financial burdens it places on their family’s hard earned savings. A family facing a monthly rate of $14,000 or more for the long-term care of a loved one can be financially devastated.
THE OTHER OPTION TO PAY FOR CARE IS MEDICAID. A joint federal-state program, Medicaid provides medical assistance to those who are 65 or older, disabled, or blind. Medicaid is the single largest payer of nursing home bills in America and serves as the option of last resort for people who have no other way to finance their long-term care. Although Medicaid eligibility rules vary from state to state, federal minimum standards and guidelines must be observed.
WHILE MEDICAID ELIGIBILITY with respect to long-term care was not difficult in the past, there has been a steady drift towards more complex and restrictive rules, the latest being the Deficit Reduction Act of 2005 which went into effect in 2006. These changes have resulted in complex eligibility requirements for those in need of Medicaid benefits. It’s no longer as easy as reviewing one’s bank statements. There are a myriad of regulations involving look-back periods, resource limits, transfer penalties and waiting periods requiring extensive planning.
FELINTON ELDER LAW & ESTATE PLANNING CENTERS 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 planning and application process.
AS PART OF OUR MEDICAID PLANNING services, we also provide the following: