Not All Medicaid Planning is Created Equal
One of the greatest fears of older Americans is that they may end up in a nursing home. This not only means a great loss of personal autonomy, but also a tremendous financial price. Depending on location and level of care, nursing homes can cost between $40,000 and $180,000 a year.
With careful Medicaid planning, you may be able to preserve some of your estate for your children or other heirs while meeting the Medicaid asset limit. Unfortunately, many people choose to “spend down” their assets to qualify for Medicaid before consulting a professional. The problem with spending down is that you have spent those assets on care that could have been covered by Medicaid if you had an Elder Law attorney.
An Elder Law Attorney's Role in Medicaid Planning
The social worker at your mother's nursing home assigned to assist in preparing a Medicaid application for your mother knows a lot about the program, but maybe not the particular rules that apply in your case or the newest changes in the law. By the time you're applying for Medicaid, you may have missed out on significant planning opportunities.
During this complicated and frustrating process, it is important to consult with an experienced Elder Law attorney who can advise you on all of your options. This can mean significant financial savings or better care for you or your loved one.
If you are going to consult with a qualified professional, the sooner the better. If you wait, you miss the best opportunities available to preserve your assets.
Elder Law of Omaha is always happy to assist seniors and their loved ones with determining which Medicaid planning options will work best for their situation. Please contact our office at (402) 614-6400 to schedule a FREE 30-minute consultation to discuss all of your options today.
Visit our website at: www.ElderLawOmaha.com