Shelby Township Elder Law is a tricky world to navigate, so it helps immensely to have an expert elder law attorney to guide you through. With a Shelby Township elder law attorney helping you, you’ll be able to avoid mistakes and make sure the right things are taken care of on time. Plus, it’s usually an emotional time, so having someone to help support you in tough decisions is always helpful. If you need help dealing with elder law, let the professional Shelby Township elder law attorneys from Axis Estate Planning give you all the support you need to make it through.
Shelby Township Long-Term Care
As most people get older, they reach a point where they need some assistance for daily tasks. For things like hygiene maintenance, house cleaning, and food preparation, it can be helpful to have a loved one or professional provide some assistance. If you have loved ones who are willing to help you with this, it can save you some money on professional help. However, there’s no guarantee that willing loved ones will have the amount of time necessary to spend helping.
Having a professional elder care worker can be very expensive, and Shelby Township Medicare doesn’t cover these costs. The Department of Health and Human Services estimates that as many as 1 in 3 seniors will need to live in a nursing home at some point in their lives. Those costs can add up without proper planning. With the assistance of an expert Shelby Township elder law attorney, you’ll be able to make those proper plans so that you’re not blindsided with expensive elder care.
Shelby Township Nursing Home Costs
The average cost of a Metro Detroit nursing home has grown to around $100,000 per year. If you’re a couple staying in the nursing home, you likely will have to pay two bills. For the most part, nursing home residents tend to stay for a year at least. Without the kind of coverage you need for these expenses, you could have to pay all or a portion of that high cost on your own if you can.
Shelby Township Medicaid
If you’re worried about the fact that Medicare doesn’t cover nursing home costs, there are other ways to get those costs covered. If you can qualify for Shelby Township Medicaid, then you can get the costs covered. The qualification that most people don’t meet is that you need to have less than $2,000 in countable assets. Specific assets qualify as countable assets, and things like your home do not.
You can get even more of the costs paid for if you can qualify for a Shelby Township Home and Community-Based Services waiver. This pays for home health aides to take care of elder care services at your home.
Shelby Township Financial Planning
One of the best ways to ensure that you have your elder care costs covered when the time comes is to start with Shelby Township financial planning. The expert financial planners at Axis Estate Planning can use their skills, expertise, and experience to make sure that you take all the right steps in planning for your future. One of the most important things we can do is to prepare you so that you can qualify for Medicaid once you apply.
It’s not just important to get your countable assets below $2,000 so you can qualify for Medicaid, the timing of that matters too. The rule for qualifying is that your countable assets must be lower than $2,000 for a full 5 years before you apply for Medicaid. There are different ways you can accomplish this without selling assets, such as giving out an early inheritance or moving around your assets.
Rules like this are one of the big reasons that financial planning is important to start as soon as you can. Otherwise, you could get stuck without the coverage you need right when you need it. The penalty for missing the 5 year period on the countable assets rule is that you have to wait for a year until your Medicaid coverage kicks in. With the extreme costs of nursing homes and Shelby Township elder care, waiting for a year until you’re covered could mean losing thousands and thousands of dollars. However, financial planning can take this worry away.
Axis Estate Planning | Shelby Township Elder Law
If you want to avoid the stress and complications that come with Shelby Township elder law, then Axis Estate Planning has the expert advice and guidance you need. We can use our expertise to make sure that you make the right financial decisions to meet your goals and plan for your future. Let us help you ensure that you get the care you need as soon as you need it.
To learn more about our elder law attorneys and what we can do for you, give us a call at (248) 251-1001 today!