Five Facts About Medicaid Planning In Tampa
You work all your life to make ends meet and pay for all the things your family wants and needs. Unfortunately, common health issues that go along with aging can impact your ability to provide for yourself and others, necessitating the need for long-term care.
Paying for services you require can quickly deplete all your assets. Medicaid can help offset these costs while ensuring you get the care you need. Our Tampa Medicaid planning attorney explains five facts about the program you need to be aware of.
- Most Of Us Will Eventually Require Long-Term Care
The effects of aging and an increased risk for illnesses and injuries can make it more difficult to care for yourself as you get older. According to the Association for Community Living, roughly 70 percent of older adults will eventually require some type of long-term care. This may be in the form of home health services, such as visiting nurses, or a stay in a nursing home or assisted living facility.
- Medicaid Covers Nursing Home Costs And Other Expenses
Long-term care is expensive. The Florida Health Care Association reports that the average cost for a private room in a nursing home can total $100,000 per year. Paying these costs can quickly deplete all of your life savings and any assets you intended to leave for your family. Medicaid planning helps ensure eligibility for benefits that can help cover these expenses, as well as visiting nurses and other home health care expenses if you decide to age in place.
- Medicaid Planning Helps Ensure Eligibility For Benefits
In order to be eligible for the Medicaid Program in Florida, your income needs to fall below a certain limit. Medicaid will also look at any property you own, money in bank accounts, and other assets you possess. Creating a Medicaid trust allows you to transfer ownership to a trusted third party while still retaining control, ensuring eligibility for benefits.
- Medicaid Planning Helps Protect Your Assets
By transferring assets into a trust, you can help protect your own financial security while also protecting any inheritance you hoped to leave for your children or others. A Medicaid trust shields these assets, preventing them from being used to pay for your long-term care.
- Medicaid Has A Five Year Look Back Period
Creating a Medicaid trust is a legitimate way to help protect your assets while ensuring you get the type of care you need as you get older. However, Medicaid has a five-year look-back period. Any transfers made during this time could make you ineligible for benefits.
Discuss Your Options With Our Tampa Medicaid Planning Attorney
Medicaid planning helps protect your assets while ensuring you get the long-term care you require as you get older. To discuss your options in terms of creating a Medicaid trust, reach out to Strategic Counsel Law Group, L.C. Call or contact our experienced Tampa Medicaid Planning attorney online and request a consultation today.
Sources:
acl.gov/ltc/basic-needs/how-much-care-will-you-need#:~:text=Someone%20turning%20age%2065%20today,for%20longer%20than%205%20years
fhca.org/media_center/long_term_health_care_facts
benefits.gov/benefit/1625
