What is Medicaid Planning with Asset Protection?
Medicaid planning is a legal way to protect individual’s assets from costs of Nursing Home and other long-term care expenses. Most of the people Caregiver Support & Resources serves are between 70 and 90, own their own house and have between $25,000 and $750,000 worth of assets. What many people do not realize is that Medicare and most other insurances do not cover beyond the first 100 days in a Nursing Home. The average costs of a skilled nursing facility, in Florida, is $9,171.00 per month. So someone can have saved their whole life and think that they’ll have adequate funds for whatever happens only to suffer a stroke, major heart attack or get an Alzheimer’s or Parkinson’s diagnosis and suddenly they no longer have the means to afford the care they require. Incurring this type of expense would cause most people to lose everything – and many do.
Caregiver Support & Resources, LLC. works with elder law attorneys and we can legally and ethically protect people’s assets to get them qualified for Medicaid. Medicaid, unlike Medicare, will cover all long-term care costs. Once we obtain Medicaid eligibility for an individual, if they remain within the Medicaid guidelines, they will have Medicaid eligibility for the rest of their lives. Medicaid helps to ensure that our client has a dignifies quality of life as they can supplement their lifestyle with their own assets. Medicaid will also pay for some home-health care and a portion of an Assisted Living Facility bill (if the ALF accepts Medicaid).
What is amazing is how few people know that this can be done prior to being forced into poverty. There is much misinformation surrounding long-term care Medicaid in Florida. Call us today for a free consultation (727) 409-2292.