Nursing home care planning is an essential part of estate planning.
Nursing homes, sometimes known as nursing facilities or convalescent homes, are for seniors or other individuals who need around-the-clock medical monitoring or assistance. Nursing home planning is critical for those who are retired or about to reach retirement age. However, many families cannot afford to pay for quality nursing home care out of pocket. Medicaid planning is often involved in estate planning and nursing home care planning. When estate planning with an experienced lawyer at The Millman Law Group, you can effectively prepare for nursing home care. Your lawyer can help you navigate how to save money and prepare for possible nursing home care for yourself or your family members.
Consider Your Options
The first step in preparing for nursing home care planning is understanding your range of options. Nursing home care is essential when a person cannot manage their daily activities, or daily care.
Three different places can provide this long-term care. These include:
- An assisted living facility, in which an individual can live independently with some assistance
- The patient can live at home with the aid of a dedicated caregiver
- A patient can move into a skilled nursing home
A nursing home can provide the most services to residents, including 24-hour supervision. Nursing homes can also be used for individuals in hospice care who need ongoing treatment but can no longer stay in a hospital. In most cases, a nursing home will charge extra fees for around-the-clock skilled nursing.
Consider the Costs of Care
Nursing home care can be quite costly even when people carefully save for retirement and old age. Considering that you may need to pay for years of care, careful planning is essential. Without careful estate planning with a skilled lawyer, your family may have to sell property or assets to pay for this care. Your lawyer can help you evaluate your options, including long-term care insurance and placing assets into a trust to help you qualify for Medicaid.
Understand Medicaid Benefits
Once someone turns 65, it is possible to receive some coverage for nursing home care through Medicare or Medicaid. For instance, if you qualify for Medicaid, the state will pay for your nursing home care costs. However, qualifying can be pretty challenging, and many people need to give away assets to qualify.
Qualifying for Medicaid takes some time, so working with a knowledgeable estate planning lawyer will help you plan well in advance for qualification and necessary aid. You never know when a healthy person may need nursing home care unexpectedly, so it’s best to assume you will need this care. The Millman Law Group can help guide you through nursing home care planning with ease.
Estate Planning Made Easy With Millman Law Group
Millman Law Group, PLLC is rare because it’s one of the only law firms that offer life planning in South Florida. From life care planning to the preparation of detailed estate plans, Millman Law Group has committed to serving Floridian elderly communities in Boca Raton, Palm Beach County, Ocean Ridge, Hillsboro Beach, and many other areas since 2018. Our dedicated team also specializes in special needs trusts and catering to any age demographic because we know for certain it’s never too early to start preparing you and your family for your future. For the latest news in estate planning and elder care law, follow us on Facebook, Twitter, Linked In, and Pinterest. You can also contact us at 561-463-6480.