The high cost of long-term care has made planning a critically important issue for most middle class 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.
Note: According to Genworth Financial's 2012 Cost of Care report, the median cost of an assisted living facility in the state of Florida is $33,000.
Long-Term Care Options
While some seniors are able to afford private pay care, the cost of long-term care will wipe out savings of all but the wealthiest families in a matter of years. Those who have planned ahead by purchasing long-term care insurance have a degree of certainty and peace of mind, knowing that they have a lesser need to rely on other sources in the future. Unfortunately, many can’t afford the high cost of long term care insurance or worse, because of age of medical condition cannot qualify for long term care insurance altogether. If you do have long-term care insurance, you should be aware of what your policy covers. Many policies have high deductibles or provide for only a short period of care in facility. In fact, many who have long-term care insurance still have to resort to Medicaid to pay for their care.
The other option to pay for care is Medicaid. A joint federal-state program, Medicaid provides medical assistance to low-income individuals, including 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, income caps, transfer penalties and waiting periods to plan around.
Elder Law/Medicaid Planning with the LegalJourney Law Firm:
The focus of our Elder Law planning is to provide for your current and future levels of care. After doing an initial analysis, we will guide you through each step of your elder care journey to ensure we meet your lifetime needs, with the goals of:
Planning for Retirement with Long-Term Care Costs in Mind
Establishing an Estate Plan that Protects You and Your Loved Ones During the Expected and Unexpected Legal and Financial Challenges Faced Along Life's Journey
All at a fixed priced, determined before beginning your legal journey through elder law/medicare planning.
Contact the LegalJourney Law Firm today to schedule an initial consultation with an Attorney.
Consultations are available in-person (either in office or at another mutually agreeable Tampa Bay area location) or online.
After hours and weekend consultations are also available.
Begin Your LegalJourney Today*:
1. Call (1-888-9LG-JRNY) to schedule a consultation or
2. Request a Consultation today using our website.
*All fees charged for initial consultations are credited when you retain the LegalJourney Law Firm.