Elder law attorneys help clients who are concerned about the contingencies that they may face during their elder years. There is a lot to take into consideration, and you should certainly discuss things with a licensed professional if you want to be prepared for the future.
Currently, one of the most pressing elder law issues is long-term care. While most seniors will qualify for Medicare coverage, Medicare does not pay for long-term nursing home care. This is considered to be custodial care rather than medical or convalescent care.
Since most seniors will someday need help with their day-to-day needs, this is a very big issue. Nursing homes are very expensive, and these costs could wipe out everything that you intended to leave behind to your loved ones.
Some people hear spotty information about the subject, and they think that the nursing home that they choose will simply take their assets. There is some truth to this notion in a general sense, but it is not really accurate.
Clearly, if you enter a nursing home and you sign a contract saying that you will pay out-of-pocket, you do have to pay the bills. However, the nursing home would not “take” your assets. You would simple be required to pay your nursing home bills, but in the end, this could exhaust everything that you saved for retirement.
However, people who are informed can often avoid this fate. Medicaid is a government health insurance program that will pay for nursing home care. To qualify, you must be able to prove that you have very limited monetary resources.
With the proper planning, you can give your assets to your loved ones before you apply for Medicaid. If this is done effectively, your family will have their inheritances in hand prior to your passing, and Medicaid will pay for your nursing home care.
You do have to act in advance, because there is a five-year look-back. With some exceptions, gift giving that you engage in must be completed at least five years before you apply for Medicaid coverage.
Medicaid Planning Report
It is important to understand the lay of the land when it comes to long-term care and Medicaid. To learn more about the subject, download our special report.
This in-depth report is free, and you can access your copy through this page: Charlotte NC Medicaid Planning.
Schedule a Consultation
If you would like to discuss long-term care solutions with a licensed professional, our firm can help. We offer free consultations, and we would be glad to answer your questions and help you prepare for the future.
To set up an appointment, send us a message through our contact page: Charlotte NC Elder Law Attorneys.