It is a hard truth to recognize that we may need help as we age. We may find ourselves needing physical assistance with a shower or using the restroom, or someone to help us with basic tasks around the house that we can no longer perform on our own. Someone to prepare meals for us, or to ensure we take our medications. If we fall ill or are diagnosed with dementia, it is unrealistic to expect that our loved ones will be able to shoulder the entire burden on their own.
The cost of nursing home care currently is roughly $12,000 per month and the cost of full-time home care with a live-in aide can easily cost up to $9,000 per month. Both of these costs will only continue to increase.
Even if we were prudent and purchased a Long Term Care insurance policy, with the cost of care constantly rising and average life expectancy increasing, it is unlikely that in the future even the best policy will be able to fund our care in total.
So what do we do?
Medicaid planning attorneys use certain tools that enable us to safely transfer your assets to the individuals you would like to have them. By transferring your assets to your loved ones in the proper way, you can become eligible for Medicaid services.
Medicaid is need-based program that will fund your necessary home care or nursing home care. However, in order to be eligible, there are certain income and asset limitations that cannot be exceeded. An attorney like myself can help clients plan effectively, and at the right time in their lives, so that you can be eligible for Medicaid if and when you need it.
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