Medicare Crisis Planning
“The best time to plant a tree was 20 years ago. The second-best time is now”
— Chinese Proverb
Sometimes, nursing home care is needed before you’ve had time to prepare for it. Not only does this present the challenge of finding a quality nursing home (and fast!), but also the challenge of how to pay for it. While long-term care insurance is the best way to pay for the cost of long-term care, most people do not carry a policy. Without insurance, you have two options:
You Pay Out-of-Pocket
In Texas, the average cost of a private room in a nursing home is $6,388/month. A semi-private room averages out at $5,019/month. At this rate, your life savings won’t last very long…
You Qualify for Medicaid
Medicaid will cover the cost of long-term nursing care – however, there are strict eligibility and income requirements that essentially require you to be destitute before you can qualify for Medicaid coverage.
Most people know that Medicaid has a 5-year look-back period. When the need for nursing home care arises unexpectedly, they incorrectly assume their only option is to spend down their savings until they meet Medicaid’s income and asset requirements. If you find yourself, your spouse, or a loved one in need of long-term care, do not make these common mistakes:
Giving Away Assets
Don’t start giving away assets to your family and loved ones to “spend down” your savings.
Leave Exempt Assets Alone
Don’t sell exempt assets – like your home or car – and turn them into cash, which counts towards your Medicaid asset limit.
Don’t Go on a Spending Spree
Before you start spending down your life savings, you need to contact a Medicaid planning attorney.
If You or Your Spouse Needs to Get Qualified for Medicaid Now, There Are Option…
Even if you, your spouse, or your loved one is already in a nursing home, there are strategies that can be employed to preserve your assets or – ”at the very least – ”maximize your resources to ensure you receive the care you need.
These Medicaid Crisis Planning strategies are not only beneficial to the person in need of long-term care, but also for their spouse, who may have very limited income, especially while their partner is in a nursing home.
We work with families on a regular basis, helping them protect their assets from the nursing home – no matter how soon they need care. We help:
Support the application filing process
Maximize the resources of the person going into the nursing home
Protect and maximize the resources of the community spouse
There are ways to protect the assets you’ve worked a lifetime to accrue. An experienced Medicaid planning attorney can help.
Contact the Hailey-Petty Law Firm
The attorneys at Hailey-Petty Law can help you implement an effective long-term care planning strategy and determine if a Medicaid Asset Protection Trust is the right solution for you. Complete the brief form below to start the conversation about your planning needs!