Ocala Nursing Home Planning Attorney
Nursing homes serve hundreds of thousands of people – a quantity that is expected to grow as the population ages. While no one ever thinks that they’ll be disabled or incapacitated to the point where nursing home care is necessary, and while most people hope to live out the last years of their lives at home, it’s impossible to predict the future. As such, planning for nursing home care and the related costs of that care is important. At the Law Offices of Shea A. Fugate, P.A., our Ocala nursing home planning attorney can help. Reach out to our law firm today to learn more about the importance of nursing home planning and how we can assist you and your family.
Nursing Home Planning
Nursing home planning is important because it is much costlier than most people think. What’s more, while many people assume that their retirement savings, healthcare, supplemental insurance, Social Security benefits, veterans’ benefits, etc. will pay for nursing home care, the reality is that these sources of income/support combined are often not enough to pay for nursing home expenses. Two very important things to think about when nursing home planning are:
- Considering costs. First, you need to think about the costs of nursing home care. The median cost of private rooms in nursing homes is a whopping $8,365 per month – a huge sum for most families. It’s very important to have an idea of how much nursing home care will cost, as well as how your family will be able to afford these costs.
- Understanding long-term care insurance, Medicaid, etc. Once you have an understanding of the costs associated with nursing home care, the next thing to think about is what programs and insurance options will help to pay for these costs. While long-term care insurance may be part of the solution, long-term care insurance often won’t cover the entire bill. What’s more, depending upon your finances, you may not qualify for Medicaid. In fact, in order to qualify for Medicaid, which does cover nursing home costs, a person cannot exceed income and asset levels set by the state. This may mean needing to restructure your finances and consider other options in order to afford long-term care.
Of course, in addition to the above, you’ll also want to think about the right nursing home based on location, cost, rating, and services offered.
Call Our Ocala Nursing Home Planning Attorney Today
We know that thinking about nursing home care isn’t a fun topic, or one that makes you feel good about the future. But the truth is, if nursing home care is necessary at some point in your life or the life of a loved one, you’ll be grateful that you took the time to financially plan for that care so that you don’t have to worry about paying for nursing home care, providing for others in your family, and leaving wealth to future generations. At the Law Offices of Shea A. Fugate, P.A., our Ocala nursing home planning attorney is ready to talk. Call today to get started.