How to Plan for Nursing Home Care in Orlando
Most people think about nursing homes for the elderly, but an illness or accident can cause someone to need long term care at a much younger age. If you aren’t eligible for Medicaid or have long-term care insurance, you would need to pay for your own nursing home care. Some facilities can run around $100,000 a year for a semi-private room. That can quickly drain your entire life savings if you have any. Your spouse could be left with nothing, and there is no inheritance to go toward your future generations.
You can avoid a potential financial crisis by working with an experienced Orlando nursing home planning attorney. At the Law Offices of Shea A. Fugate, P.A., we have years of experience helping clients plan ahead of possible long-term care and avoid encountering a financial crisis.
Avoid Last-Minute Planning Whenever Possible
If your loved one is about to go to a nursing home, don’t assume that it’s too late to protect their assets. That is why you need to work with an experienced Orlando nursing home planning attorney. We know what options may be available to someone who is facing immediate transfer.
Helping someone become eligible for Medicaid is not as easy as just spending down your estate by transferring title to your family members. In fact, take the wrong steps, and you could ruin their chances to be eligible. Instead, there are options to spend your assets that can enhance your estate’s value and still help you be eligible. Perhaps you need to make home repairs or want to purchase immediate annuities and pre-pay funeral costs. Your Orlando nursing home planning attorney can help you decide what is right for your particular situation.
The main thing to remember is not to make a mistake and find yourself penalized by Medicaid. The penalty period could be lengthy, leaving you to figure out how to pay for nursing home care for months or longer.
Long Term Insurance Policies
There are a few insurance providers in the industry who provide long term insurance plans. These policies work by charging you a premium in exchange that your stay in a nursing home will be covered. Be sure to check with each one to see what your best option is.
Put Aside a Portion of Your Income
Long-term insurance policies are not cheap, which is why you may need to look at other alternatives as well to ensure you’re ready when it’s time to transition into long-term care. Putting aside a percentage of your income is a good start. Financial planners say to earmark 10% to 15% of your income. As you age, you may need to up that amount to 20%.
Are Patients on Medicaid Treated Differently?
Some people are concerned that being on Medicaid means their treatment will be worse than someone who is paying out of pocket or is covered by a long-term care insurance policy. Treating someone differently because they are on Medicaid is entirely illegal. Nursing homes must provide the same level of care to all residents, regardless of how their room is paid.
Contact an Orlando Nursing Home Planning Attorney
If you need help, contact an Orlando nursing home planning attorney at the Law Offices of Shea A. Fugate, P.A., to learn more about how we can help.