Navigating long term care, and specifically, the Medicaid system, is a complex, ever-changing topic – and it’s one that people often prefer to ignore rather than try to understand! Don’t make this mistake.
If your loved one is currently residing in a long term care facility, or might someday soon be a recipient of long term care, there are some proactive steps you can take to become educated on the Medicaid system. By learning about things such as avoiding improper transfers and knowing exactly the right time to apply for Medicaid assistance, you can save a lot of future stress and headache!
One simple planning tip is to always do some comparison shopping of the pricing of various long term care facilities. Finding the most cost-effective option (that is still providing quality care to your loved one) can save you and your family a lot of money and unnecessary worry.
Here is a recent real world example from one of our cases. We recently worked with a client who had been in an extended care facility for more than a year. When the family hired us to assist in preparing the client’s Medicaid application, we suggested to that family that they shop around similar facilities and compare prices. Two months later, our client moved to an equally comfortable facility and is realizing monthly savings of $2,855 (that’s $34,260 per year!)
In addition to considering the topics surrounding the financing of long term care, there are a myriad of other legal issues that come along with long term care planning. It’s essential that individuals residing in nursing or assisted living facilities have robust estate planning documents in place that both accurately reflect their current intentions and allow for all of the necessary decisions to be made at the appropriate time. If appropriate documents are not in place, and the individual is no longer competent, it may be time to consider a guardianship.
If any of these topics sound like something that may soon affect your family, consider scheduling a Medicaid Planning Consultation with one of our attorneys. We’re happy to help!