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Why you should tackle Medicaid planning now

On Behalf of | Mar 6, 2018 | blog, Firm News |

When it comes to long-term care and estate planning, many people in the Cumming area believe they do not need to rush to fine tune them. Though you might feel you and your partner are in great health now, you never know what may happen tomorrow and in the following months that can change your situation. For example, if you or your spouse suddenly received a diagnosis of dementia or some other medical condition that requires living in a nursing home, how would you pay for it?

Medicare does not provide full coverage for long-term care. Medicaid does, but there are limits to the benefits. To qualify, you must meet certain criteria. It is much easier to plan for Medicaid benefits before you need them. Here is some information you should know about Medicaid and end-of-life care.

Medicare does not pay for long-term nursing care

If you or your spouse needs skilled nursing home care for more than 100 days, Medicare will not pay for services rendered on day 101 and beyond. You are responsible for all costs at that point. The program does not pay the entire cost of skilled nursing care administered for the first 100 days either. Medicare pays skilled nursing home care on a sliding percentage. Only the first 20 days are paid at 100 percent.

Many people live long and active lives with dementia. They often require more than several months of skilled nursing home care. This can leave you and your family with a stressful financial burden. Medicaid planning is an asset to many seniors, even those who are not low income.

Qualifying for Medicaid planning benefits is not easy. Because there is a five-year look-back period that can result in penalties, it is important for you to make your estate plans now instead of the last minute. You might want to speak to an attorney for guidance on how to maximize your estate plans to reduce your out-of-pocket end of life care expenses.