While planning for the later stages of your life may seem unpleasant, it does not have to be. It is important to prepare for your elder years before they arrive, and that includes a potential stay at a nursing home. The best way to become informed and properly plan the details of a stay at a nursing home is by discussing your situation with an elder law attorney. Today, the experts at Davidson Law Group will discuss some nursing home details you should be planning as you grow older.
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Why Plan Ahead?
One of the most important steps you can take to prepare for long-term care is to ensure you or a loved one qualifies for Medicaid. As this is a government program with numerous qualifications, it is imperative that you properly prepare for your initial application with an elder law attorney. Meeting the qualifications can ensure you receive full coverage on 20 days of long-term care or 100 days of long-term care with a daily co-pay. The fundamental requirements for Medicaid eligibility include:
- A healthcare professional has to confirm that the individual needs 24-hour skilled nursing care.
- Gross income must be below $2,199/month.
- Countable assets must equal $2,000 or less. This includes property, certain life insurance policies, one vehicle, and more.
These are just very basic requirements — some legal complexities are factored in for each individual. Speaking with an elder law attorney can allow for you or your loved one to plan and prepare for these complex legalities.
You can take steps to reach the above requirements. For instance, transferring assets to a loved one outside of a 5-year period can remove property from the individual’s ownership.
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Is It Too Late For Help?
Beginning the preparation process with an elder law attorney before this 5-year period is key to meeting certain requirements. However, even if the individual is about to go into a nursing home (or is already staying in one), it is not too late to meet with one of our attorneys. Protecting assets and gifting property inside of the 5-year period is still possible with strategic planning. While this may result in penalties, working with an elder law attorney can often still result in savings.
Speak With an Elder Law Attorney at Davidson Law Group
If you or a loved one is facing the prospect of long-term care and don’t know where to turn, contact the expert elder law attorneys at Davidson Law Group. We serve the greater Dallas area, with offices in Fort Worth, Allen, and Tyler. We look forward to working with you and your family to ensure you get the assistance you need.