Aging is something that most people don’t look forward to in the first place, but if you don’t plan your finances correctly, it can become a nightmare. The elder law world is now full of different legal and financial issues that can arise. They’re not easy to wade through on your own, it’s always a good idea to have a qualified Birmingham elder law lawyer helping you out. With our guidance from Axis Estate Planning, you’ll know that you’re making the right decisions as soon as you need to make them.
Birmingham Long Term Care
Professional assistance for the elderly has become commonplace. With health professionals helping you, you won’t struggle with things like hygiene maintenance, food preparation, or house cleaning. And, with professionals, you won’t need to put the weight on your family members’ shoulders. Of course, your family members may want to help out, but they won’t be able to spend as much time as you need for all of the care you need.
The downside of professional care is its high price. Medicare doesn’t cover it, either. So that means that without the proper preparation, this high medical bill could fall on you and your family to pay out of pocket. As many as 33% of seniors today end up living in a nursing home, and most people stay there for a year. Let our Rochester elder law lawyers help you to plan correctly so that you don’t have all of the stress that can surround elder care.
Birmingham Nursing Home Costs
Don’t be mistaken, nursing home costs are high these days. The average nursing home costs around $100,000 to stay in and that number may rise. Keep in mind also that a married couple will have to pay two bills for their stay at the nursing home.
Luckily, Birmingham Medicaid may be able to help with the exorbitant costs. Medicaid covers custodial costs that build up in nursing home life. But, not everyone qualifies for Birmingham Medicaid. The cutoff for qualification is that you must have less than $2,000 of countable assets. These countable assets don’t include everything you own. For example, your home does not count toward these assets.
In some cases, people qualify for Home and Community-Based Services waivers. These waivers allow you to hire a home health aide to care for you in your current home, keeping you comfortable and happy.
Birmingham Financial Planning
It’s no mystery why financial planning is important to your quality of life and your level of eldercare. With our qualified Birmingham eldercare lawyers, you’ll get the financial guidance you need to be covered for eldercare later in your life. We can help you to manage your money so that your countable assets qualify for Medicaid, helping with nursing home costs.
One thing that people don’t plan for unless they have the experience is the 5-year period that affects Medicaid applications. You can give inheritances early, or transfer your money around to meet the $2,000 asset limit, but this must be done more than 5 years before your Medicaid application.
If you achieve less than $2,000 of countable assets within 5 years of your Medicaid application, then you’ll be subject to a penalty period. This penalty period lasts for a year before your Medicaid coverage kicks in, and if you’re applying so that you can get into a nursing home, you certainly won’t want to have to go a year without it.
Axis Estate Planning | Elder Law Birmingham
Let the experts at Axis Estate Planning help you navigate Birmingham elder law. We have deep knowledge of the current law, and we keep up with any changes. With our expertise, you’ll be able to plan for your future and your family’s future in a way that keeps you comfortable no matter what. Let us help you start planning for elder care today so that you don’t miss out on Medicaid when you need it most.
To learn more about our elder law attorneys and what we can do for you, give us a call at (248) 251-1001 today!