One of the greatest fears of older Americans is that they may end up in a nursing home. This not only means a great loss of personal autonomy, but also a tremendous financial price. Depending on location and level of care, nursing homes can deplete life savings quickly.
Medicaid planning is an often misunderstood and unknown option to many. Unfortunately, with the lack of knowledge of pre-planning options – many have ended up paying for nursing home care out of their savings until they run out in order to qualify for Medicaid. The advantages of paying privately are that you are more likely to gain entrance to a better quality facility. However, most family’s goal is to provide for loved ones after their passing and qualifying for Medicaid in this manner won’t accomplish that.
Those who are not in immediate need of long-term care may have the luxury of distributing or protecting their assets in advance. This way, when they do need long-term care, they will quickly qualify for Medicaid benefits. Giving general rules for so-called “Medicaid planning” is difficult because every client’s case is different. Some have more savings or income than others. Some are married, others are single. Some have family support, others do not. Some own their own homes, some rent. Still, a number of basic strategies and tools are typically used in Medicaid planning.
The sooner a plan is put in place the better able you will be to protect more of the assets from being paid out for skilled nursing care. Call our office at (704) 843-1446 and schedule some time to have your assets and your personal needs reviewed.