How to Plan for Marco Island Nursing Home Care Expenses
The cost for a private room in an assisted living facility in Marco Island, Florida in 2018 is approximately $113,150.00 per year. If you have done no planning for those types of expenses up to this point, then that number can create quite a shock. But even if you have not done any planning for your long-term health care needs to this point, there are still ways you can prepare for the expenses you will incur as you get older.
Non-Crisis Medicaid Planning
Non-crisis Medicaid planning is a process you can start years before you develop the need for an assisted living facility. With non-crisis Medicaid planning, your assets can be protected from Medicaid’s application process and you can secure the Medicaid funding you need to enjoy a comfortable assisted living facility experience.
Your asset planner will explain how you can move your assets around without incurring any Medicaid penalties and how you can protect your assets from any kind of seizure in the future. You will also get plenty of advice on protecting your assets from creditors and lawsuits that could arise in the future.
Long-Term Care Planning
Long-term care planning is a part of elder law that helps you to prepare now for your financial needs when you get older. An elder law expert can sit down with you and explain how to protect your assets to allow for growth, and how to arrange to have your assets distributed when you get into an assisted living situation. The sooner you get involved in long-term care planning, the more of your assets you will be able to protect.
Crisis Medicaid Planning
Sometimes people do not think about the consequences of moving their assets around until they need to make the transition to assisted living. By the time you are preparing to apply for Medicaid, you may have already made asset movements that could delay your Medicaid approval by months.
With crisis Medicaid planning, an elder law expert can review your assets and any asset changes you have initiated in the past five years and take the necessary steps to protect those assets. The intention is to make sure that you do not have to sell the family home to pay for assisted living care while waiting for Medicaid. It is important to use an expert in these situations to make sure that everything is done properly.
The Mattar Firm can help you plan for your long-term care needs and help you to avoid the asset pitfalls that come with Medicaid planning. We encourage you to contact one of our elder law attorneys and let us help you plan to pay for those growing nursing home care expenses you will experience in Marco Island.