It is not necessary to spend down your life savings on long term care expenses. Following Medicaid rules you can protect most or all of your life savings and still be Medicaid eligible. You do not have to become impoverished, get divorced, sell your home, mortgage your home or buy any financial products to qualify for Medicaid. Medicaid can also work in conjunction with long term care policies. You have options!
The average nursing home in Florida costs between $8,000 and $9,000 per month. Without careful Medicaid planning your savings can be depleted quickly when long term care is needed.
Medicaid planning can either be done in advance of the need, or immediately for a person already in an assisted living facility or nursing home. It is never too late to plan and protect assets. Applicants do not have to wait five (5) years to qualify for Medicaid. “Giving away assets” can delay or prevent Medicaid eligibility and can result in a disastrous situation in which an applicant is impoverished and yet still not eligible for Medicaid assistance.
Elder Law Attorney Randal L. Schecter can help you determine the best way to protect your assets by navigating the Medicaid laws and its complex rules and requirements. We know this is a very stressful time for the entire family, Mr. Schecter has the experience, knowledge, and caring staff to guide you through the entire Medicaid eligibility process and help you qualify for Medicaid assistance even when your income and assets are over the limits.
Medicaid can help with the expenses of in-home care, Assisted Living Facility expenses, nursing home expenses, and even Daycare/Respite programs. Do not wait to explore these issues and know your options. With careful planning you can obtain the help you need now without draining your nest egg.
- Current Medicaid Eligibility Requirements
- Long-Term Care Costs Are Surging, Survey Says
- Medicaid Article
- Medicaid Planning Is Considered Practice of Law, Requiring License to Practice Law (Fla.)
- Elder Law Attorney, Randal L. Schecter Helps Families Navigate Complicated & Confusing Medicaid Regulations
Randal L. Schecter serves the entire Central and North Florida areas including Bunnell, Daytona Beach, DeLand, Deltona, Edgewater, Flagler Beach, New Smyrna Beach, Port Orange, Orange City, Ormond Beach, Palm Coast, Pierson, Ponce Inlet, and St. Augustine. Home, hospital, and facility visits are also available (386) 672-2550 firstname.lastname@example.org