Medicaid attorneys provide important services to people who want to plan ahead so they do not lose everything in case they end up needing nursing home care. Many baby boomers have acquired significant assets and, as they age, they are growing concerned about the potential that they will eventually need to pay for nursing home care.
With the Wall Street Journal indicating about 70 percent of people over 64 end up needing to spend at least some period of time in nursing home care, baby boomers are right to be concerned. After working for a whole life, boomers want to leave their money to their kids, relatives, friends, or to causes they support- rather than having to spend all their money on a nursing home.
The good news is, baby boomers are getting help. Many have already turned to Medicaid attorneys to find out about their options for protecting assets while getting qualified for Medicaid nursing home care coverage. For those who haven’t yet spoken with an attorney, now is the time. Essex Junction Medicaid attorneys at Unsworth LaPlante, PLLC can help you to create a comprehensive plan today so you will be able to qualify for nursing home coverage when you need it. You need to have your plan in place long before nursing home care actually becomes necessary, so don’t hesitate to reach out today to get help.
Why Baby Boomers Need to Talk with Medicaid Attorneys
Today’s Geriatric Medicine warns that nursing homes are preparing for a coming silver tsunami as baby boomers age. Experts predict many aging boomers will first need short-term rehabilitative care in nursing facilities. Eventually, more and more boomers will end up needing full time nursing care.
The costs of this care are astronomical and beyond the reach of most boomers. The Gensworth 2015 Cost of Care Survey reported median annual costs for home healthcare aids at $50,366 and median annual costs of a semi-private nursing home room in Vermont were $102,018.
There are few good options for getting nursing home care paid for. Buying long-term care insurance is possible, but this can be prohibitively expensive, especially if you are already entering into retirement and you are older. Furthermore, not all long term care insurers are trustworthy or reliable and there have been many instances where people had coverage but weren’t able to get the insurance to pay for the home they had chosen or the care they needed.
Medicare is provided to seniors over 65, but Medicare provides limited or no help to pay for the costs of long-term care. Unfortunately, Medicare only offers coverage for very limited stays in nursing facilities and only offers this coverage under specific circumstances, such as when a period of rehabilitation is required following discharge from a hospital. Seniors cannot count on private health insurance or supplementary Medicare policies to pay for coverage either, as most policies of this type provide no coverage for nursing care or coverage in very limited circumstances similar to Medicare.
Medicaid is often the only answer- and baby boomers know this as they see their own parents struggle with needing care towards the end of their lives. As a result, many baby boomers are being proactive and getting help from Medicaid attorneys to protect their own assets and ensure they can get nursing home care if it becomes necessary.
Medicaid planning attorneys help boomers (and others who want to plan ahead) to engage in the strategic use of legal tools, like trusts, to structure the ownership of assets so the assets do not count for purposes of determining Medicaid eligibility. With the right type of trust, the trust can own the assets but the original owner can retain possession and use. When it comes time to apply for Medicaid, since the trust is the owner and not the individual, the assets do not provide to prevent eligibility for coverage.
Medicaid planning can be complicated and it is important to avoid mistakes. It also needs to be done early because there is a period of disqualification after transferring assets. If you transferred money or property within five years prior to applying for Medicaid nursing home coverage, you will not be eligible for benefits for a period of time.
How Medicaid Attorneys Can Help
Unsworth LaPlante, PLLC can help you to get started on your Medicaid plan today. To learn more, join us for a free seminar or contact our Montpelier Medicaid attorneys to get personalized advice that is tailored to your situation. You can give us a call at (802) 879-7133 or contact us online today so we can get started on protecting your assets.
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