How to Plan for North Ft Myers Nursing Home Care Expenses
According to the Florida Health Care Association, the average yearly cost for a private room in Florida nursing homes is $94,000 while the average yearly cost for private rooms in Florida assisted living facilities is $37,000. How do Fort Myers residents pay for nursing home care expenses? The FHCA says that 40 percent pay using private funds and Medicaid, if they qualify for Medicaid. Medicare only covers rehab services after a person is discharged from the hospital and a small portion of long-term care health services.
How Can Medicaid Pay for Nursing Home Costs in Florida?
Medicaid eligibility is based on a person’s income resources. Qualifying for Medicaid means most, if not all, of your health care costs will be paid by Medicaid. However, if you have savings, bank accounts, assets of any value or other resources exceeding Medicaid’s income guidelines, you may be deemed ineligible to receive help from Medicaid.
Long-term Health Care Insurance
These types of health insurance policies help cover costs of non-skilled and skilled long-term care. A variety of policies are available, including policies that pay for nursing home care only, medical equipment, adult day care and assisted living services. Determining what kind of long-term health care insurance further involves making sure your policy is created by an agency licensed by the state of Florida, provides for pre-existing conditions and pays for specific care not covered by Medicaid.
Life Estate Planning and Paying for Nursing Home Expenses in Ft. Meyers
Hiring The Mattar Firm to draft a life estate plan that designates you as a life “tenant and someone you trust as a “remainder person” is vital to having a way to pay for possible nursing home expenses. A life tenant retains the right to live in their home until their death. In addition, ownership of properties are transferred to loved ones after a life tenant passes away. This stops the state from potentially making claims against the property to repay Medicaid.
Learn more about the many advantages of estate planning by scheduling an appointment with a Ft. Myers elder law lawyer at The Mattar Firm today. Achieving financial stability now means you will have peace of mind through your senior years.