Don't Sacrifice Your Life Savings to
Pay for Nursing Home Care
Are you or a loved one facing the daunting prospect of expensive nursing home costs? You don’t have to sacrifice your life savings to afford quality nursing home care. At Crane Law, PC, we specialize in Medicaid Planning, a powerful legal service to protect your assets and accelerate your eligibility for Medicaid benefits.
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Many seniors consume their entire life savings on the costs of long-term care. With an average cost of over $144,000.00 per year, few families can afford this option for very long. The unfortunate reality is that many deplete their entire savings within one year of entering a nursing home. Most people pay out of pocket for long-term care until they have spent down their life savings and become eligible for Medicaid.
It is a common misconception that Medicaid planning is too late once there is an immediate need for nursing home care. This is not true. Even if you have not planned in advance, there are Medicaid planning opportunities to accelerate eligibility and still protect a significant portion of your assets.
What is Medicaid Planning?
Medicaid planning is the process of strategically managing and reorganizing your assets to qualify for Medicaid benefits sooner while protecting your remaining savings.
This type of planning is advantageous for individuals who are already in or about to enter a nursing home, as it helps prevent the depletion of their life savings due to expensive nursing home care costs. The goal of Medicaid planning is to ensure that you or your loved one can receive the necessary care without sacrificing financial stability, allowing you to preserve assets and pass your wealth to future generations the way you had intended.
Who Pays for Nursing Home Care?
Nursing Home care is a financial burden that can quickly deplete the assets you have spent a lifetime building. With nursing home costs often exceeding $10,000 per month, many families find themselves overwhelmed by the expense. There are several options to pay for these costs, including private pay (self-funding), long-term care insurance, Medicare, and Medicaid. Of these, Medicaid is the largest payer of nursing home costs, but eligibility requirements can be complex. With careful planning and the right guidance, you can navigate these options and make informed decisions about the best way to fund Nursing Home care in an advantageous manner to protect your life savings.
Private Pay
(self-funding)
Many individuals initially pay for long-term care out of pocket, using their personal savings, investments, or other assets. While this method provides immediate access to care, it can quickly deplete your assets, leaving you and your family in a precarious financial position.
Long-Term Care Insurance
Long-term care insurance can be a viable option for covering the costs of care, provided it was purchased early enough. This type of insurance is designed to cover a range of services, including nursing home care, assisted living, and in-home care. However, premiums can be expensive, and policies must be purchased well in advance of needing care to be cost-effective and valuable.
Medicare
Medicare offers limited coverage for nursing home care. It primarily covers short-term care for rehabilitation after a hospital stay of at least three days. Medicare does not cover extended stays in a nursing home or ongoing long-term care needs, leaving a significant gap in coverage for many seniors.
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That's where Medicaid comes in.
Medicaid
Medicaid is the largest payer for nursing home services and provides comprehensive coverage for long-term care to those who qualify. Unlike Medicare, Medicaid covers long-term care costs for extended periods, but eligibility requirements are stringent, involving both income and asset limitations.
Stages of Medicaid Planning
Medicaid planning is a journey that can be navigated at any stage, and it's important to tailor your approach based on your current situation and future needs. Whether you’re planning proactively, anticipating potential care needs, or seeking immediate relief from a nursing home’s financial burden, each stage has its own set of strategies and solutions. No matter where you are in this journey, our guidance is here to support you every step of the way.
Our Focus on Immediate Eligibility Medicaid Planning
While Crane Law, PC offers support for all three stages of Medicaid planning—proactive, transitional, and immediate eligibility—the following section focuses specifically on immediate eligibility Medicaid planning. This stage is often the most pressing for families facing an urgent need for care, and we are dedicated to helping clients navigate the complexities of qualifying for Medicaid as quickly and smoothly as possible.
Why Medicaid Planning?
Medicaid planning allows you to preserve your nest egg and escape the financial devastation of long-term care. Unfortunately, many people believe they will never require nursing home care and, therefore, fail to plan ahead. Some also believe Medicare will cover the cost of a nursing home. In reality, Medicare only provides coverage in certain situations, and these benefits expire after just 100 days.​
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That's where Medicaid Comes in.
Start Planning Today
Nursing Home costs can quickly deplete a lifetime of savings, leaving families in financial distress. Medicaid planning offers a way to preserve your hard-earned assets, ensuring that you can continue to provide for your loved ones even as you face the high costs of care. By strategically managing and reorganizing your assets, we help you protect assets and qualify for Medicaid benefits sooner, giving you peace of mind during a challenging time.
Avoid Financial Hardship
Without Medicaid planning, families often face significant financial hardship when a loved one requires nursing home care. This can lead to difficult decisions and sacrifices that affect everyone involved. Proper planning alleviates this burden, providing peace of mind and financial stability during challenging times.
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Medicaid rules and regulations can be complicated and overwhelming. Our experienced team is here to guide you through every step of the process, ensuring you make informed decisions that best suit your situation. We help you understand your options and create a customized plan that meets Medicaid requirements while aligning with your personal and financial goals.
Our Medicaid Planning Process
Navigating the complexities of Medicaid can feel overwhelming, especially when the need for long-term care arises. At Crane Law, we’re here to guide you every step of the way with compassion and expertise, ensuring you or your loved one can access the care you need while protecting your hard-earned assets. Our Medicaid planning process is designed to give you peace of mind, offering clear direction and personalized strategies that align with your unique situation and future goals. Together, we will secure the best possible outcome for your family’s financial future.
Medicaid Planning Services and Products
Planning for the future can feel overwhelming, especially when it involves securing care and protecting your assets. Our Medicaid planning services and products are designed to help you navigate this process with confidence, offering support from asset spend-down strategies to the Medicaid application itself. We're here to ensure your needs are met efficiently and effectively, helping you preserve your assets and secure the care you need.
Ready to Protect Assets?
Download our Medicaid Planning Questionnaire now to get started. This simple, easy-to-complete form will help us understand your needs and tailor our services to ensure you get the best possible guidance. Click here to download and take the first step towards securing your future.
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