The Best Time to Plan is Before you Need Assistance

“I’m not going to a nursing home, I want to stay in my own home.”

Unfortunately, physical and mental capacity issues may require additional care that is difficult and extraordinarily expensive in your home. Transitioning into an assisted living or skilled nursing facility can be exhausting and expensive. Proper advanced Medicaid planning with an Elder Law attorney can help you find the government resources to pay for a majority of your health care costs. The best time to plan is before you need assistance.
SKILLED NURSING FACILITY – “My individual medical care needs are more than family caregivers or assisted living facilities can provide.”
You or a family member may be in a position where they need immediate skilled nursing care. It is important to make sure you consult an elder law attorney before applying for Medicaid. Applying before you meet the income test and asset test can be a major setback on the path to obtaining financial assistance. Each month you do not qualify may result in major financial loss.
ASSISTED LIVING FACILITY – “I need assistance with Activities of Daily Living (ADL’s).”
While it is a difficult decision to move into an assisted living facility, often it is the best decision for you and your family. To ease the financial burden, it is necessary to prepare for any future medical issues that may happen down the road. While full cost-of-care Medicaid coverage is not automatically available for Assisted Living, there are discretionary government programs that you may qualify for, including the Medicaid Diversion program.
INDEPENDENT LIVING FACILITY – “I am fully capable of handling daily activities on my own, but it is nice knowing that I have assistance nearby when needed.”
While less expensive than assisted living or skilled nursing, independent living still comes at a high cost. There are numerous legal and financial planning techniques available to help preserve your hard-earned money. These techniques may be used to put you in a position to cover the cost of long-term care.
Elder law is an important piece of estate planning that will help you establish a plan to cover the high costs of long-term care and preserve your estate for your family. While it is important to ask for help at any stage when seeking long-term care, remember to plan early and plan often. Preparing well in advance of any major health issues can save you money and also save you years of stress and aggravation down the line. Please consult with your advisors to develop a long-term care plan that is right for you and your family.