The cost of nursing home care in Central Texas comes to about $5,000 a month. That kind of expense can quickly deplete an estate, even if a nursing home resident is eventually discharged.
That is why seniors and their families need to be aware of every available option for getting the best possible care while also minimizing its financial impact.
Medicaid planning can involve an integrated approach to covering the cost of care.
In terms of health and finances, everyone’s situation is different, so your long-term planning should be customized to meet your specific needs. For those who are eligible, Medicaid can be an excellent way to help defray the cost of nursing home care. The problem in many cases, though, is that people find themselves to be ineligible for Medicaid, even as the cost of nursing home care would nearly deplete their entire estate.
However, depending on the circumstances, there may be ways to preserve Medicaid eligibility while avoiding unnecessarily spending down assets. A comprehensive strategy could involve the coordination of multiple estate planning tools, including:
- Wealth transfers
- Long-term care insurance
- Veterans benefits
- Private disability benefits
- Social Security benefits
While options are available, implementing an effective plan can be tricky.
If your goals include preserving wealth while ensuring that your long-term needs are met, please speak with an experienced elder law attorney about your options. In the face of costly care in a nursing home or an assisted-living facility, many clients find that an elder law attorney’s services soon pay for themselves. At the very least, by speaking with a lawyer, you can gain the peace of mind that you did not miss an important opportunity to protect your interests and those of your family.
For more on that, please see our recent post, “Why You Should Use a Lawyer for Medicaid Planning.”