A Worcester Medicaid planning lawyer can help you to plan ahead to cover costs of nursing home care in case you require care at some point during your lifetime. Unfortunately, nursing home care is extremely expensive and it is not typically covered by Medicare or any other type of insurance. Medicaid could be the only source of outside payments for nursing care if you do not want to pay out of your own pocket for care provided in your home or in an institutional environment.
Medicaid is means-tested, so you can qualify to get your nursing home care costs covered only if you have limited income and few resources. You need to know the conditions under which Medicaid will pay for your bills so that you can plan ahead to ensure you are able to get covered.
When you look at the costs of nursing home care, the importance of making a Medicaid plan immediately becomes clear. The Law Offices of James A. Miller, P.C. will help you to make your plans so you can get the care that you require without the need to spend your life savings in order to afford it.
How Much Does Nursing Home Care cost in Massachusetts?
According to a Genworth Cost of Care Survey assessing how much various types of long-term care services cost in Massachusetts, the media annual rate for a homemaker is $54,340 as of 2015. For a home health aide, the median annual rate is $57,200 and for adult day health care services, the median cost of care is $16,900. To live in an assisted living facility, the median annual rate for a single occupancy one bedroom unit is $63,000 and to live in a semi-private room in a nursing home care, the median annual cost is $128,845.
Looking at these different costs for the kinds of care available to you as you get older, it is easy to become panicked about how you can possibly pay for the help you need. If you must live in a nursing home or get healthcare services at home provided by a home health aide, you could quickly spend your entire life savings in just a matter of months. You’d no longer have the chance to pass wealth down to the next generation if you’re forced to spend all you have worked so hard to acquire.
How Can a Worcester Medicaid Planning Lawyer Help You Get Costs Covered?
Unfortunately, getting nursing home care costs or long term care costs covered is not easy. Medicare pays for skilled nursing services for a limited duration of time, but it isn’t skilled services that most people who go into a nursing home need. Most people who require long term care or nursing home care need custodial care, which is not covered by Medicare, Medigap, or most private insurers.
The result is that you have to pay privately since you won’t have any coverage for long term care… unless you can qualify for means-tested Medicaid benefits. Seniors often are denied Medicaid because they have assets that they’ve worked for over their lifetime. This leaves them forced to spend their money, impoverishing themselves until their financial resources are reduced to the point where they can qualify for Medicaid coverage.
This process of having to spend down assets can sometimes be avoided. If you work with a Worcester Medicaid planning lawyer, our legal team will help you to explore legal ways that you can change the structure of the way you own your wealth so your money and property no longer count as resources when determining Medicaid eligibility. If you have no assets or few assets, on paper, after you successfully create a Medicaid plan, you should qualify for Medicaid as soon as you need care and you can avoid the loss of wealth that could result from paying for nursing home care.
Getting Help from A Worcester Medicaid Planning Lawyer
You need to make your plans to qualify for Medicaid a least five years prior to the time you want Medicaid to begin paying your nursing home care bills or long term care costs if you want to ensure the maximum value of your wealth is kept safe. The Law Offices of James A. Miller, P.C. will help you to understand what is involved in the Medicaid planning process and will help you to use the necessary legal tools to make your personalized plan.
To find out more about why Medicaid planning is important and what the process entails, give us a call at 866-370-3888 or contact us online. You can also join us for a free seminar to get general information on how making a Medicaid plan fits within your estate planning and asset protection processes. Give us a call today to get started on protecting your wealth.
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