Decades of hard work, careful financial planning for retirement, and providing for loved ones in your estate plan – all of these things can be thrown asunder by the extraordinary cost of long-term care. The average cost of a nursing home or assisted-living facility in Florida can easily exceed $100,000 a year, and contrary to what many folks believe, Medicare will not cover those costs after a relatively brief period of time. Without careful planning, particularly planning that can ensure eligibility for Medicaid benefits, the assets you’ve set aside for your retirement and for your heirs could be consumed by these astronomical long-term care costs.
Medicaid planning is a critical part of a comprehensive strategy to provide necessary care for seniors without dissipating assets that could be used for retirement or the needs of a healthy spouse, or passed on to loved ones. But qualifying for the Medicaid benefits that can cover long-term care costs is complicated, and any number of missteps could make a difficult financial situation even worse.
At the Estate, Trust and Elder Law Firm, P.L. we have the experience, knowledge, and insight to guide our Treasure Coast clients through the complex web of laws, rules, and regulations that govern Medicaid eligibility. Since Medicaid is a needs-based program designed to provide medical care and assistance for low-income individuals, eligibility for the benefits that can pay for long-term care is based on your available assets. Medicaid planning involves structuring your assets and liabilities in such a way that they are excluded from the calculations used to determine Medicaid eligibility.
The resources are there to provide for your long-term care needs, and we can help you get them. At the Estate, Trust and Elder Law Firm, P.L., we’ll work closely with you to integrate Medicaid planning into a complete estate plan so that you get the care you need while preserving the assets you’ve worked a lifetime for. If you’d like to learn more about how we can help you with your long-term care and Medicaid planning, please contact the firm to arrange for a free consultation.