Ensuring that you have the proper care as you age can be complicated without professional help. There are many legal and financial situations that can come up, and it’s best to have an expert to advise you on the decision these situations will require. To make sure that all of your needs are taken care of, having an expert elder law lawyer Royal Oak to help you through the process is the right choice.
Long Term Care Royal Oak
Many people end up needing professional help to live comfortably as they age. A caring professional may be needed for things like food preparation, hygiene needs, and keeping a clean home. While family members may be able to help, the amount of work and time needed may be beyond what they can offer for plenty of reasons. Unfortunately, Medicare Royal Oak doesn’t cover custodial services like the ones mentioned, and they can get expensive if you’re paying out of pocket. The Department of Health and Human Services estimates that up to 33% of seniors live in a nursing home at some point. To make sure that you get the long-term care Royal Oak that you need to be comfortable and healthy, the expertise of an elder law attorney Royal Oak is essential.
Nursing Home Costs Royal Oak
Nursing homes have become incredibly expensive, prohibitively for many if paying out of pocket. The average cost of a room in a Metro Detroit nursing home has risen to $100,000 a year and is set to continue climbing. Most nursing home Royal Oak residents stay for about a year, and for married couples, you’ll have two bills.
Medicaid Royal Oak
While Medicare won’t cover your long-term care costs, Medicaid can be the solution to elder care costs Royal Oak if you qualify. The biggest standard that separates most people is needing to have under $2,000 of countable assets. These countable assets will not include everything you own, like your home for example.
If you qualify for a Home and Community-Based Services waiver Royal Oak, then this helps reduce costs, too. You can use this waiver to hire a home health aide to come to your home and provide elder care Royal Oak services where you are.
Financial Planning Royal Oak
Because of how expensive elder care has become, it’s in your best interest to find a professional who can help you with effective financial planning Royal Oak. The experienced elder care lawyers Royal Oak at Axis Estate Planning have the knowledge and experience to help you plan for your future so that you can live comfortably no matter what. We’ll also help to make sure that you qualify for Medicaid when the time comes.
One thing that most people don’t know about qualifying for Medicaid Royal Oak is the 5-year period. This 5-year period refers to the fact that your countable assets must be lower than $2,000 for 5 years before your Medicaid application is submitted.
To meet the countable assets limit, you can move assets around as well as give out some of your inheritance early. However, if you wait until within 5 years of your Medicaid application to take these steps, you’ll be subject to a penalty period. This penalty period lasts for a full year, and afterward you will qualify for Medicaid Royal Oak. As you well know, if you are looking to enter a nursing home, you won’t want to have to wait a year before you can get the care you need. This is why financial planning Royal Oak is so important.
Axis Estate Planning | Elder Law Royal Oak
At Axis Estate Planning, you’ll have access to the expertise of our experienced elder law attorneys Royal Oak who can help you make the right financial decisions to plan for your future. We’ll do everything we can to make an airtight financial plan Royal Oak for you, making sure to include everything and plan for every factor so that you can live comfortably and have peace of mind.
To learn more about our elder law attorneys and what we can do for you, give us a call at (248) 251-1001 today!