Elder Law and Medicaid Planning

How will you take care of yourself as you age? What will happen if you have to deal with a disabling illness? How can you avoid spending a fortune for your medical care in old age? What do you need to do to get access to government-provided support rather than spending down all your personal assets? How can you protect your home from the cost of a home care or a nursing home?

Planning ahead for paying the expenses associated with receiving treatment for your long term health needs is crucial given the continually skyrocketing cost of medical and supportive care in the United States. Research shows the average married couple will each spend $250,000 (and in many cases significantly more) in medical expenses alone. It is important to have a concrete plan in place ahead of time as to how a couple will deal with these expenses rather than wait for a crisis, such as ill health or disability to hit, before thinking about this for the first time. This is especially important given that Medicare does not provide any benefits for skilled nursing facilities or assisted living facilities and only limited benefits for home care.

Engaging in strategic Medicaid planning is the best way to put you and your family in a position to pay the often considerable expenses associated with aging and healthcare. Proper Medicaid planning ensures that you are eligible to apply for Medicaid for long term care if you encounter a disabling illness and need assistance at home disabled or a nursing home.

At Landskind & Ricaforte, we help our clients develop and implement plans to reposition and/or transfer their assets and put them in a position to apply for Medicaid benefits if needed.