Scranton Medicaid Planning Lawyer
Figuring out how to pay for long-term care is complicated for many older people. On the one hand, most retirees do not have the finances necessary to pay for more than a few months of care in a nursing home or assisted living retirement home. On the other hand, even if they do have the financial resources needed to cover the cost of their care, paying for more than two or three years of care would likely wipe out the average person’s entire life savings. The median net worth of an American between the ages of 65 and 74 is just $224,000, according to the Federal Reserve and Turbonet. The average cost of care in a Pennsylvania nursing home is $99,000 annually, according to Lancasteronline. The cost of in-home nursing care and assisted living can be less expensive, but not by a significant amount in most cases. So how do seniors afford the care they need? These are some of the aspects that a Scranton medicaid planning lawyer can help with. Contact us today for assistance.
Does Medicare Pay for Nursing Home Care or Skilled Nursing Care in My Own Home?
Medicare, as opposed to Medicaid, offers some financial assistance for short-term nursing home care. Typically, Medicare will pay for 20 days of nursing home care, and then you begin paying a copay. After 100 days, Medicare does not cover anything and you are left on your own to pay for everything, which can amount to $10,000 or more per month—quickly draining your and/or your loved ones’ bank accounts.
Many people make the mistake of believing that Medicaid is reserved only for low income individuals’ healthcare. While this is certainly one aspect of Medicaid, another is that of paying for long-term nursing home care and assisted living. However, you must not have large assets in order to qualify for Medicaid. If you own a home or a second property, have a moderate source of income, or have just a few thousand dollars in personal assets, you will most likely not qualify for Medicaid long-term care. One option is to spend down your assets so that you essentially have nothing left. This is not only risky, but also extremely unwise—those resources are the last that you will have to pay for anything for yourself, and at the very least could have gone to your family. A better alternative is to put those assets in a Medicaid trust—a trust that will allow you to retain these assets while also qualifying for Medicaid at the same time.
A Scranton Medicaid Attorney Can Help You Today
Elder care is exceedingly expensive, and will only become more expensive until healthcare costs and pharmaceuticals are more strictly regulated. Unfortunately, most Americans cannot afford long-term care without going bankrupt. Medicaid planning offers elders the best way out of this conundrum. To get started at once so that you are prepared when the time comes, whether you are planning for yourself or an older parent, call the Medicaid Planning attorneys of Haggerty Hinton & Cosgrove LLP today at 570-344-9845 to schedule a free consultation.