Many people make detailed plans to avoid probate and leave specific instructions about who will get their estate, how they will get it, and when. Often they then require skilled nursing care at the end of their life, and the plan turns out to be for naught due to nursing home costs. Not only does the cost of long-term care deplete many families’ estates, it also impoverishes the institutionalized person and allows him or her to have income of only $45 per month once they begin receiving benefits, leaving family members to find the funds to provide for many other unmet needs, including dental care, eyeglasses, new clothes, etc.
Medicare will only pay for twenty (20) days in the nursing home if one is first hospitalized for three (3) days or longer (in some circumstances, it will pay the partial cost for up to an additional eighty (80) days). After that, there are three sources to pay for the devastating costs of long-term care: long term care insurance, private funds, and government assistance. If one believes there is a war on the middle class, the cost of long term care is the nuclear bomb in that war.
Medicaid is one opportunity for a person who has paid taxes to fund Medicaid his or her entire adult life to receive something back on the investment. Once a person is eligible, Medicaid will supplement his or her income to pay up to the entire cost of the nursing home.
The laws regarding Medicaid qualification are extensive and are riddled with many exceptions. To qualify for Medicaid, you must submit a multiple-page application and provide detailed proof of ALL your financial information (bank accounts, investments, and other assets, income, expenses, health insurance, etc.) for up to the previous sixty (60) months.
Attorney Thad Taylor uses his many years of Medicaid experience to help you navigate the labyrinth of its rules (and exceptions to the rules), to save you and your family the maximum assets allowed by law! The amount of assets that each family can protect is fact specific and varies from case to case.
Don’t try to go through qualification alone.
Contact Midwest Elder Law Firm to help determine how to preserve your assets
for your family and continued care.
Contact them today at 573-445-4755 or send us a message.
Services We Offer
Last Will & Testament
Powers of Attorney
Click here to learn more about our complimentary workshops