The world of elder law is a complicated one, and without professional help, you may feel lost when trying to keep up with important financial and medical decisions. We have the Royal Oak elder law experts at Axis Estate Planning who can make sure that everything you need is accounted for and addressed so that you can live a comfortable and happy life.

Royal Oak Long Term Care

Most people will end up needing some kind of help to stay comfortable while aging. Oftentimes, this requires the expertise of professional health workers. They can help you take care of house cleaning, hygiene, and food preparation, among much more. Even if you have family members who are willing to help, they may not have enough time between work and families of their own to take care of every one of your needs. Sadly, Medicare does not cover the costs associated with long-term care. These costs can be quite a lot, too. Up to 33% of seniors will live in a nursing home, according to the Department of Health and Human Services. Having the advice of an expert Royal Oak elder law attorney will allow you to take care of your long-term care needs without breaking the bank.

Royal Oak Nursing Home Costs

It’s a shame, but nursing home costs have grown so high that they are too expensive for many people to pay for out of pocket. In Metro Detroit, the average nursing home room costs $100,000 per year, and that number isn’t going down soon. In most cases, people spend around a year in a nursing home and couples have to pay two bills.

Royal Oak Medicaid

Royal Oak Medicaid could be the answer to these huge costs, but you need to qualify for it. One of the most important standards to meet is having less than $2,000 of countable assets. These assets don’t include all of your property, such as your home.

You may also be able to qualify for a Royal Oak Home and Community-Based Services waiver. This waiver will let you hire a home health aide who can provide long-term and elder care services at your home where you’re most comfortable.

Royal Oak Financial Planning

Your best defense against the extreme costs of Royal Oak elder care is to start with financial planning. The experts at Axis Estate Planning can use their experience and knowledge to set you up perfectly for long-term care when the time comes. That includes making the moves that will allow you to qualify for Medicaid when you need to.

The part of qualifying for Royal Oak Medicaid that can be tricky is the 5-year period. This period refers to the fact that you must have had less than $2,000 in countable assets for at least 5 years before you apply for Medicaid.

There are ways to reduce your countable assets without giving selling them off, such as giving out inheritances early or moving assets around. Remember though, that if you don’t get your countable assets under $2,000 before the 5-year period prior to your Royal Oak Medicaid application, then you will have to wait out a penalty period. This penalty period lasts for one year before your Medicaid coverage begins. For those who need the care provided at a nursing home, waiting an extra year is not good for your wellbeing. This is what makes Royal Oak financial planning such an important thing to take care of.

Axis Estate Planning | Royal Oak Elder Law

To navigate the complications of Royal Oak elder law, the experts at Axis Estate Planning have the experience you need. We’ll help you make sound financial decisions that will benefit you later in life so that you can enjoy peace of mind and comfort in your eldercare.

To learn more about our elder law attorneys and what we can do for you, give us a call at (248) 251-1001 today!