As people age, there are plenty of financial and legal matters that arise. These can be tricky to navigate and keep track of, and your decisions can have a large effect on your future and the future of your family. To make sure that you are making informed decisions to reach your goals, it’s helpful to have an experienced elder law attorney Birmingham to guide you through the process.
Long Term Care Birmingham
To live comfortably as you age, most people require some professional assistance. This helps with daily activities like cleaning the home, preparing food, and taking care of your hygiene. Without professional help, the burden lies on family members, and not everyone has family members who have the time to spend caring for a loved one. Professional help in these cases is expensive, too. Believe it or not, this type of care is not covered by Medicare. That leaves you and your family footing the bill. According to the Department of Health and Human Services, as many as 33% of seniors end up living in a nursing home. To get the best deal and the best care you possibly can, it’s helpful to have an elder law
attorney to use their expertise in negotiations for you.
Nursing Home Costs Birmingham
There are no two ways about it, nursing homes are expensive. In fact, the average cost for a room at a nursing home in Metro Detroit has reached $100,000, and there is no sign of it lowering any time soon. In most cases, people stay in a nursing home for one year, but if a married couple is staying then there will be two bills.
Medicaid is the solution for many to the extreme costs of eldercare. It will cover the custodial costs associated with living in a nursing home. However, you have to meet the standards for coverage. The main standard that qualifies you is having less than $2,000 of countable assets. These assets do not include your home, among some other assets.
There is also a chance that you qualify for a Home and Community-Based Services waiver. With this waiver, you’ll be able to hire a home health aide who can provide the services of a nursing home within your current place of residence.
Financial Planning Birmingham
With these costs, it’s clear to see how much the correct financial planning can benefit you throughout your life. An experienced elder care lawyer Birmingham can help you plan in a way that sets you up comfortably. We can also help you make sure that you qualify for Medicaid when you need it.
The main obstacle in qualifying for Medicaid that people run into is the 5-year period that your application takes into account. This refers to the fact that when you apply for Medicaid, your countable assets have to have been below the $2,000 mark for the last 5 years in order to qualify.
If you did decide to give inheritances early or moved other assets around in order to qualify for Medicaid, but it was within 5 years of your application, you’ll be subject to a penalty period. This penalty period is one year, so one year after your application you will qualify for Medicaid. However, if you’re applying in order to enter a nursing home, you don’t want to wait a full year before you can get the care you need.
Axis Estate Planning | Elder Law Birmingham
Our highly qualified team has the experience and knowledge of current and changing laws necessary to help you navigate the tricky and sometimes frustrating world of elder law. We will use our resources and knowledge to create a financial plan for you so that you can qualify for Medicaid when the time comes and you can have all of your needs taken care of right when you need them taken care of.
To learn more about our elder law attorneys and what we can do for you, give us a call at (248) 251-1001 today!