The cost of care is upwards of $13,000 a month on average while nursing homes can be upwards of $18,000 a month. With these astronomical prices your financial status can quickly turn from comfortable to low income and be at risk of outliving your life savings. For this reason, the state allows us a lot of strategic options to plan ahead and be able to get assets out of a person’s reach for Medicaid eligibility while also having control of it. This way, we’re not giving away our home and land on the chance that we might need this care in the future. Myth #2 You have too much money to qualify for a government program geared towards lower income families.
By knowing these options, a carefully tailored plan can be created that accomplishes objectives that you want and also leaves you in control of your family’s future.
Myth #3 It is too late to do any planning.
You may have heard that there are look-back periods for Medicaid Programs; for nursing homes, it’s 5 years, or you may have heard about a 2 ½ year look-back period for home health aides being proposed. There are some important things you need to know about these look-back periods. If you have a spouse, disabled child, or an adult child who’s been living with you for a period of time, there are many transfers that we can do within the look-back period that can protect assets.
www.sheryll-law.com 5
Made with FlippingBook Ebook Creator