THE SIGNIFICANT COST ASSOCIATED WITH LONG-TERM CARE has made planning for your family’s future a critical issue for seniors. Did you know that a majority of seniors will require some form of long-term care? Unfortunately, seniors today are just unprepared and are not aware of the potentially crippling financial burden it places on their family’s finances and savings. You can expect a monthly rate of $14,000 or more for the long-term care of a family member and to most families, this can be devastating.
AS AN ALTERNATIVE FOR PAYMENT OF MEDICAL CARE IS MEDICAID. Medicaid is a joint federal-state program that provides financial assistance to those who are 65 or older, disabled, or blind and require medical care. Did you know that Medicaid is the single largest payer of nursing home bills in the United States? Medicaid ends up serving as a last resort for families who do not have the financial resources for their loved one’s long-term care. Medicaid eligibility rules and qualifications vary from state to state including Florida, federal minimum standards and guidelines must be carefully analyzed and reviewed to ensure eligibility.
AS TIME GOES ON MEDICAID ELIGIBILITY was much easier and simpler to ascertain, however there has been a significant move towards more complex and confusing regulations, rules and legislation. The latest being the Deficit Reduction Act of 2005 which went into effect in 2006. These changes have resulted in increased difficulty in determining eligibility requirements for those in need of Medicaid benefits. Back then, it was as simple as easy as reviewing one’s bank statements, however that is just not the case anymore! There are a myriad of regulations involving look-back periods, resource limits, transfer penalties and waiting periods that require extensive analysis and planning to ensure eligibility.
DO YOU THINK YOU ARE ELIGIBLE FOR MEDICAID? Mindy Felinton has over 30 years experience as an elder law attorney and can help you avoid the financial ruin that is associated with the significant and unexpected costs of long-term care by exploring and managing the entire Medicaid application and eligibility process. Give us a call today to get started at (561) 290-2179!
AS PART OF OUR MEDICAID PLANNING services, we also provide the following:
(561) 290-2179