Elder law Troy is very important when life expectancies in the U.S.A. have increased considerably over the years, and that means that more people live to an age where they’ll need professional help to remain safe and comfortable. You would think that getting this kind of care would be easy, but it’s not for everyone. It can become extremely expensive depending on how you go about it. However, you can use the expertise of an elder law attorney Troy from Axis Estate Planning to be sure you’re making the right decisions at the right time so that you can live comfortably without putting stress on yourself or your loved ones.
Long Term Care Troy
It’s not uncommon for people to need the care provided at nursing homes to stay comfortable. It’s a possibility you should financially prepare for. The Department of Health and Human Services estimates that around 33% of seniors will live in a nursing home at some point. Even people who stay out of the nursing homes can still need a professional health worker to provide elder care services at-home. These includes services such as assisting with home cleaning, food preparation, hygiene maintenance, and more. These services can get expensive, and they are not covered under Medicare Troy. Medicare isn’t the only option though, and having an expert elder law attorney Troy from Axis Estate Planning will help you find and plan for options available to you.
Nursing Home Costs Troy
Nursing homes in the Metro Detroit area average in costs at $100,000 per year for a bed and care. Couples end up paying more usually since you get two bills. If you’re not covered for these costs, they could be more than you’re able to afford.
Medicare won’t cover the costs, but if you can qualify for Medicaid Troy, then that will. Most people who don’t qualify for Medicaid get stuck at the requirement that you must have less than $2,000 in countable assets. These assets don’t include everything you own, like your home.
There are other ways to cover elder care Troy costs, such as qualifying for a Home and Community-Based Services waiver. Having that waiver allows you to hire a home health aid to take care of your elder care services Troy at home.
Financial Planning Troy
Financial planning Troy is essential to saving yourself tons of money and ensuring that you are able to get the elder care services you may eventually need. If you want to be in the right position to lower these costs and be able to pay for any left over, then you need the advice of the expert financial planners Troy from Axis Estate Planning. We can help you plan for all kinds of future events, such as making sure that you can qualify for Medicaid whenever you need to.
The under $2,000 in countable assets requirement for Medicaid Troy trips a lot of people up. It can be especially difficult to meet since many people don’t know that you have to have your assets at that level for at least 5 years before your Medicaid application. So, if 5 years earlier than your application you weren’t expecting to be applying for Medicaid, then you wouldn’t be able to plan for it and be blindsided by the costs down the road. If you do miss this 5 year window, then you have to wait a year before Medicaid coverage starts. This means a full year without coverage of those nursing home or elder care Troy costs we discussed earlier.
It may sound tricky to get your countable assets under $2,000, but it doesn’t have to be. You don’t have to sell things off, you could move assets around or give early inheritance. An expert financial planner Troy will know what to do, how to do it, and just when to do it. Experts like that are ready to help you at Axis Estate Planning so that you can properly plan for the future.
Axis Estate Planning | Elder Law Troy
If you’re looking for someone with expertise in elder law Troy to help you navigate the confusing rules and regulations, the elder law attorneys Troy at Axis Estate Planning are your best choice. We can use our experience to help you plan for financial and legal choices you’ll have to make so that you’re set up for success.
To learn more about our elder law attorneys and what we can do for you, give us a call at (248) 251-1001 today!