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When Will Medicaid Cover the Nursing Home?

Jun 22,2015

The costs of nursing home care are stifling at best and exorbitant at worst. Even a loved one who considers himself or herself to have a fair amount of savings might find it frustrating to realize how quickly that money can be spent after just one nursing home incident. shutterstock_288365435

Less than five percent of elderly individuals have long-term care insurance, a vital form of protection that can help mitigate against these rising costs. If an individual receives Social Security, he or she may be eligible for coverage under Medicaid. Without SS, income limits do apply. If you have too high of an income to be eligible for Medicaid at this time, you need to consult with an elder law specialist.

The reason for a consultation is that you need to carefully consider spending down your assets in order to qualify for government assistance. You need to take thoughtful action and evaluate how spending down could influence you and your family members. Remember that Medicaid has a five-year look back system to see if you have tried to give away too many of your assets. An attorney can help you understand when and how Medicaid can help you plan. It’s definitely beneficial to have Medicaid supporting you if you need care in the nursing home, but having someone counsel you has a high level of value, too. Contact us at info@lawesq.net.

Elder Law Costs Compared: Assisted Living, Nursing Home, and In-Home Care

Jun 16,2015

The baby boomer generation is a big one, and the impact on health care services is reported widely throughout the news. According to US News and World Report, over the course of the next two decades, more than 10,000 baby boomers will reach age 65 every single day. This statistic is causing more individuals to think about planning ahead for long-term care and the inevitable costs associated with it. Whether you’re nearing this category yourself or whether you’re helping a parent plan, it pays to be informed about care options. 18scG5olSFcN_T7nAvlyJR0UuPaAw6Op6b14U7fh3j8

Many people are not aware that in-home care can exceed the costs of assisted living-location is also a factor, especially if you or your loved one lives in the city. The costs in urban areas surpass non-urban areas by as much as 15 percent.

Bear in mind as well that quality and cost can also vary quite a bit between independent care and agency staff, although the latter usually fall under licensing and accreditation standards. The average costs for the various types of care nationwide are as follows:

  • In-home care: Monthly cost of $4500
  • Nursing home care: Monthly cost of $550-6200
  • Assisted living: Monthly cost of $3000

Many people are not informed about just how easy it is to spend though assets and leave a healthy spouse with the financial fallout. Protect yourself by planning ahead- contact our office today for more information. Contact us at info@lawesq.net.

The Value of Protecting Your Assets Long Before A Nursing Home Stay

Jun 11,2015

A nursing home stay, even a brief one, can quickly deplete retirement savings. Even when you are in relatively good health, it’s a good idea to think about planning ahead for nursing home care in order to prevent sudden and surprising costs. This process is usually referred to as Medicaid planning. DGx9ikR2D8Oer1b8oF2BV7u6VvggRJW0MAFZ_OizYBk

Medicaid planning is very valuable, since the government agency determining eligibility looks back over the previous five years to determine whether you have attempted to transfer any assets. This is why planning when a potential event is not on the horizon is even better, because a sudden medical event can be crippling to a retired couple or widow/widower.

The sooner you contact an elder law professional to talk about your options, the better. The specifics of your planning will depend largely on your circumstances, but there are strategies you can employ in order to protect your estate in a meaningful way.  Scrutiny can be an issue for individuals or couples that appear to be wealthy, but taking some steps now to give away some assets or set up a plan to prepare over the course of several years may pay off in spades if you or your spouse ever need nursing home care.

There’s a lot of confusion over what Medicaid does and doesn’t allow- make sure you’ve received the most accurate information from your elder law professional. Send us a message today at info@lawesq.net.

Elder Law Tips: 7 Scams That Target Seniors

Jun 08,2015

Unfortunately, the elderly are frequently targeted in fraudulent schemes because the individuals carrying out these scams believe these individuals are more vulnerable and are more likely to have accumulated wealth. What follows are seven of the most recent and common scams targeting elderly individuals. 1D1iOB5glGAXlnOxXmQJ2CG7dNc6GG0GXY-G8vdLRBE

IRS Phone Scam

Recently seniors received phone calls threatening arrest and driver’s license suspension for nonpayment of back taxes. The fraud earned the scammers more than $5 million.

Health Care Scam

Seniors in this fraud scheme are asked to provide personal information in order to receive help with health insurance. That information can be used for identity theft.

Great Grandchild Claims

Sometimes, elderly individuals will receive communication from an alleged great grandchild asking for money. They are advised to verify the identity before sending any funds.

Unethical Financial Advice

Some individuals will claim to be professional financial advisors, making investments on a senior’s behalf. Individuals should always be carefully vetted before being used for financial management or advice.

Obituary Scheme

In this situation, individuals will call the family of a recently-deceased relative and claim that money is owed or that a package needs to be delivered. The “package” is then sent to the family cash-on-delivery, but it’s usually empty or worthless.

Prescription Drug Ruse

With prescription costs being a primary concern for elderly individuals, many turn to the Internet for cheaper prices. Sometimes, this can mean that money is taken without the delivery of any drugs. Make sure you fully investigate a site or service before signing up.

Funeral Plot/Service Scams

Unfortunately, some funeral homes might encourage seniors to purchase a casket or burial plot when they intend to use cremation. Read the fine print and make sure a family member knows your wishes.

Sadly, these scams are all too common. One of the best ways to combat scams is to ensure your estate planning and elder planning have considered many options. Get advice from an experienced attorney today at info@lawesq.net.

The law firm of Shah & Associates, P.C. © 2018 All Rights Reserved.

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