It’s not simple to make sure that you get the Troy elder care that you need, which is why many people consult the expertise of a Troy elder law attorney. With this expertise on your side, you will know what decisions to make and when so that you can get the care you need without spending more than you need to. It also helps to take a lot of the stress out of the process, and this process can be very stressful to go through alone. Ask the expert Troy elder law attorneys at Axis Estate Planning for help with your elder law needs.
Troy Long Term Care
There’s a reasonable chance that you may eventually need help with daily tasks at home to stay comfortable. This could mean help with food preparation, house cleaning, hygiene maintenance, or other tasks. You may have loved ones who can help out, but they may not have as much time to devote as you could need. That’s why people hire home health aides, but it can be expensive to pay for if you don’t have coverage.
The worst part about these costs is that they are not covered by Troy Medicare. Many people have to deal with this, as the Department of Health and Human Services estimates that 33% of seniors will live in a nursing home at some point in their lives. If you haven’t planned for these expenses, you may not be able to afford them. However, you can get the help of our Troy elder law attorneys so that you can plan effectively and not have to worry about getting these Troy long term care costs covered.
Troy Nursing Home Costs
In Metro Detroit, the average nursing home room costs about $100,000 every year to stay in. It’s worse for couples, who usually have to pay two bills. Generally, residents stay for at least a year. This is more expensive than most people can afford if they don’t have coverage to help with the costs.
Medicare isn’t going to help with high nursing home costs, but qualifying for Troy Medicaid will. By qualifying for Troy Medicaid, it will cover some of these costs and make nursing home stays more reasonable. One qualification that isn’t always easy to meet is having less than $2,000 in countable assets, which don’t include things like your home.
You can also cut down on elder care costs by qualifying for a Troy Home and Community-Based Services waiver. You can use that wavier to hire a home health aide who will provide long term care services at home.
Troy Financial Planning
By planning for these elder care costs, you can make sure you have them covered when you need them. An expert Troy financial planner can help you do this. Axis Estate Planning has plenty of financial planning experts who know how to prepare clients for the future. On especially important thing we can do for you is make sure that you’re able to qualify for Medicaid in the future.
You have to have countable assets less than $2,000 to qualify for Medicaid, but you can’t just lower them whenever. You have to have that level of countable assets for five years before your Medicaid application to meet the requirement. You can do this in a few ways, including moving assets around and giving inheritance early.
It’s important to have a financial planner for situations like this, as there are many rules that people aren’t aware of for Medicaid qualifications. If you do miss the five year period for countable assets, your Medicaid coverage will be withheld for a year after your application. That means you’re stuck with a full year of high expenses if you need elder care Troy services right away.
Axis Estate Planning | Troy Elder Law
To make sure that you’re prepared for your future, let the experts at Axis Estate Planning use their knowledge of Troy elder law to help you navigate all of the rules and decisions. We can notify you of decisions you’ll have to make and deadlines for making them so that you’re on time with your preparations. Make sure that you get the care you need without breaking the bank, ask our Troy elder law attorneys for help.
To learn more about our elder law attorneys and what we can do for you, give us a call at (248) 251-1001 today!