Medicaid Planning for Long-Term Elder Care
Although many individuals spend ample time thinking and planning for their retirement, few go so far as to plan for long-term end of life care. Nursing homes can cost over $5,000.00 a month, and can quickly extinguish retirement savings. Those who rely on Social Security Benefits to pay for their monthly living expenses soon realize that nursing homes charge far more than they receive from those benefits. Many also rely on Medicare, but Medicare will only pay for the first few months a person stays in a nursing home before those benefits expire, leaving individuals and their families scrambling to find the funds to pay for the next month’s bill.
Those who are eligible may receive benefits from Medicaid to cover nursing home costs, as well as other long-term elder care costs. Medicaid eligibility requirements are quite restrictive, but an attorney can help you structure your assets to increase your chances of qualifying for Medicaid benefits.