When someone you love can no longer care for themselves, a nursing home or assisted living facility may be the best option. Unfortunately, the high costs of long-term care can quickly wipe out your entire life savings. This leaves families in South Florida facing difficult financial decisions.
If you find yourself in this situation or anticipate the need for long-term care in the future, you may have more options than you realized. The experienced Elder Care and Medicaid Planning Lawyers of The Siegel Law Group, P.A. may be able to help you qualify for Medicaid benefits. As an experienced South Florida Medicaid Attorney, I frequently work with families facing this challenge and explain more about these benefits and provide a reading list that can be helpful in Medicaid Planning.
Medicaid Planning Helps Offset Long-Term Care Costs
According to the Florida Health Care Association (FHCA), the median annual price for a nursing home in our state is close to $100,000. Even an assisted living facility runs close to $50,000 per year. Paying these amounts out-of-pocket can quickly wipe out your entire life savings.
Medicaid benefits help offset these expenses, but you must meet income guidelines to qualify. Fortunately, there are Estate Planning strategies that help ensure eligibility and reduce your expenses.
Books That Explain More About Medicaid Planning
Medicaid Planning helps families reduce the high costs of long-term care. There are a variety of informative books that have been written on the topic, and Book Authority has a Medicaid Planning reading list with some of the most recent. Following are four books our South Florida Medicaid Planning Attorneys have found helpful.
1. The Medicaid Planning Handbook: A Guide to Protecting Your Family’s Assets From Catastrophic Nursing Home Costs
This book provides clear, concise advice for those already in a nursing home or who are likely to require care in a nursing home or assisted living facility in the future. Topics covered include intrafamily transfers, powers of attorney, and when to use a revocable or irrevocable trust.
2. It’s Not Too Late: The Ultimate Guide to Nursing Home Medicaid for the Stressed-Out Husband or Wife
This book uncovers common myths about Medicaid and provides answers to pertinent questions. It includes information on the types of services covered, rules regarding eligibility, and how to obtain quality care for a spouse without depleting your life savings.
3. Long-Term Care: How to Plan & Pay for It
Find out more about how to offset nursing home costs and ensure your loved one gets the quality of care they deserve. This book includes chapters addressing special concerns, such as providing for people with dementia, preventing elder fraud or abuse, and accessing veterans’ benefits.
4. How to Protect Your Family’s Assets from Devastating Nursing Home Costs: Medicaid Secrets
This new 16th edition offers case studies illustrating common situations and practical tips. Topics covered include titling property to protect it, ‘spending down’ assets to qualify for Medicaid benefits, and how simple changes in your will could save thousands of dollars in long-term care costs.
Discuss Your Options With A South Florida Medicaid Planning Attorney
While the above books can help you learn more about Medicaid Planning, be aware this is not something that we advise you can or should do on your own. Reading about Medicaid is the first step in understanding how to protect yourself from the high costs of long-term care. The next step is to discuss specific options in your situation with an experienced South Florida Medicaid Attorney.
At The Siegel Law Group, P.A, we provide the trusted legal guidance you need. Let us help you create legal documents that enable you or your spouse to qualify for Medicaid benefits while preserving your assets and estate. To request a consultation, reach out and call us for a complimentary consultation at 561-955-8515 or contact our South Florida Medicaid Attorney online today.