A Medicaid lawyer at Eghrari Wealth Training Law Firm can provide you with assistance creating a plan to get nursing home care paid for if you need this type of care. Unfortunately, a nursing home can be very expensive, especially if you want a high quality care facility or if you want a private room when you get older. When you can’t live independently any longer, you may have no choice but to move to a nursing home so you need to have a financial plan for what to do when or if this happens so you can get the care you need.
Eghrari Wealth Training Law Firm knows the ins-and-outs of nursing home planning and can help you to make your financial plans so you won’t have to worry about losing your life savings if you must move to a nursing home. You should give us a call today to find out about the ways in which our firm can help you to afford a nursing home.
High Nursing Home Care Costs Make it Essential to Create a Medicaid Plan
The costs of a nursing home can be extremely expensive. In fact, you can expect to spend around $7,148 per month for a semi-private room based on national average nursing home care costs revealed by the 2017 Genworth Cost of Care survey. If you want a private room, the national average cost of a nursing home is around $8,121 monthly.
Obviously, most people cannot afford to pay more than $8,000 every single month just to have a private room in a nursing home — and most people can’t afford the semi-private room either. Sadly, even people with Medicare and with private health insurance will find themselves facing financial concerns when it comes time to pay these big nursing home care bills because Medicare and most private insurance likely will provide no coverage at all. These insurers provide coverage for skilled nursing care only, and most people need custodial care or basic routine help with activities of daily living that isn’t covered at all.
If you don’t want to spend more than $8,000 per month just to get care in a nursing home, you’d need to have some third party source paying the bills. You could buy long-term care insurance, but often these policies are prohibitively expensive and won’t actually provide the coverage that you need anyway. Medicaid, however, will pay for the costs of nursing home care but only if you can qualify for the program and it is a means-tested program.
Since you will probably need to qualify for Medicaid to pay for nursing home care if you don’t want to lose your life savings due to the high costs of a nursing home, you should work with an attorney to make a Medicaid plan. A Medicaid plan allows you to get Medicaid to cover you while still protecting some or all of your wealth depending upon when you make your Medicaid plan and what your plan entails. Thanks to the high cost of a nursing home, making a Medicaid plan may be the only way to protect the wealth that you hope will serve as your legacy you hand down to the people you love.
Getting Help from a Medicaid Lawyer
A Medicaid lawyer at Eghrari Wealth Training Law Firm will work closely with you to understand your options for affording long-term care. If you will need to get your care covered in order to protect your assets because of the high costs of nursing home care, we can also provide you with assistance understanding how to qualify for Medicaid without having to impoverish yourself first. And, we can help you to put your Medicaid plan into action so you can protect as much of your wealth as possible.
Whether your need for nursing home care is imminent or you are planning ahead and you want to ensure you are going to be able to get the essential care that you require if you must move to a nursing home, you should join us for a free seminar to learn more about the importance of the Medicaid planning process. If you are ready to get your plans underway, you should give us a call at (631) 265-0599 or contact us online today to get your personalized plan started.
- What You Need to Know about Medicaid’s “Look-Back” Rule - February 1, 2023
- What You Need to Know about Elder Financial Exploitation - January 25, 2023
- What Is an Asset Protection Trust? - January 18, 2023