A part of retirement is that most retirees end up in
nursing homes. Living in the comfort of your own home is what you may desire as
you age, but unfortunately, chronic ailments may make it difficult for you to
live independently without seeking daily assistance. Therefore, nursing homes
become the best option even though they are expensive. Without proper financial
planning, you may not be able to afford to live in your own home or nursing
home. Below are some ways to pay for nursing homes.
If you are here, you have probably heard of
government-subsidized health care but it can be difficult to distinguish
between the various federally funded programs. So what is Medicaid? Created in 1965
alongside Medicare, Medicaid was part of Lyndon Johnson’s Great Society
program. Since then, Medicaid has become an integral part of the American life.
Medicaid is a federal-state program that helps pay long
term medical and custodial care costs.
Medicaid is a program that offers healthcare coverage to almost 60 million people who are unable to pay for medical care services. These are US citizens or any eligible immigrant with low income. It targets senior citizens with 65 years of age and above as long as they are eligible for the program and covers all the required medical services inclusive of custodial care or skilled nursing care.
According to Title
XXX, Chapter 429 of Florida’s statutes regarding the rights of assisted
living residents in Florida, all residents cannot be deprived of their legal or
civil rights, privileges or benefits guaranteed by the Constitution of the
United States and the Constitution of the State of Florida. Some of the most important
rights listed in the statute include:
Throughout the state of Florida, there are citizens who
require specialized assistance to enjoy a reasonable standard of living.
Families throughout Florida rely on assisted living facilities for a variety of
reasons. Before you start investigating an assisted
living situation for your loved one, you should become familiar with the
details associated with this type of living arrangement.
Many times, you have heard that it is always better to
give than to receive. It is a good practice unless you think that someday, you
will apply for Medicaid. If you consider the Medicaid long-term care benefits,
then you need to rethink about giving away your property or money, because any
gifting will subject you to specific penalties. Gifting before applying for
Medicaid reduces your eligibility and exposes you to the risks of penalty.
The people who are best prepared for their golden years
are those who understand that planning for those years is a lifelong activity.
North Fort Myers residents who have had the foresight to talk to an estate
planning professional should take that discussion a step further and talk about
protecting assets and paying for long-term health care.
It is a nightmare many families want to avoid. Their
loved one is in an assisted living facility but is being ordered to leave
because the paperwork is no longer in order. When the family member with the
loved one’s power of attorney tries to sign the forms to make things right
again, the Medicaid agency refuses to acknowledge the power of attorney. Now
there is a loved one on the verge of being evicted into a homeless situation and
a family desperate for answers.
In the world of estate planning there are specialists who can help you to handle situations that you might have never considered before. Elder law attorneys who work in Cape Coral understand the challenges that your estate faces as you get older and your medical needs change. There may come a day when you need to pay for long-term health care in the form of an assisted living facility or nursing home, and it is important to take the necessary steps to protect your estate now to help pay for those long-term care costs later.
Long-term medical care for veterans is a part of elder law that many experienced estate planning lawyers focus on. Just as guardianship arrangements are important to special needs children after their parents pass on, long-term care services and elder law provisions are important to veterans. Every veteran should talk to an experienced estate planning expert about the services they are entitled to and any services their spouses are entitled to as well.