Today people are living longer and one of the biggest challenges they are facing is finding affordable living arrangements when they are no longer able to stay independent. There are various options: nursing homes or long term care facilities, assisted living arrangements and so on. But this is hard not just financially, it means giving up a lot of things. With the high emotion, the stress and the legal challenges this makes bringing in a Medicaid planning attorney Toms River or wherever you are a very good decision. |
Some can pay for the care if they have long term care insurance, a few are able to save enough to cover the costs of long term care but most turn to Medicare or Medicaid and for those, there is a lot of paperwork to fill out, and terms that need to be strictly met. The process is long, time-consuming, and frustrating if you miss something or fill something incorrectly. An elder law attorney can ensure details are strictly followed and those mistakes are not made.
The difference between Medicare and Medicaid
Some get these two programs confused because of the similar names. Medicare though is a national health program for seniors over 65, people with failing kidneys and a small number of younger special needs people who need short term costs covered for nursing homes. It will pay for up to 100 days and you need to have had a hospital stay of at least 3 days prior. The first 20 days are covered but the 80 days after have a deductible and only skilled nursing is paid for.
Medicaid is a federal and state funded program, administered by the states to help pay nursing home costs as long as certain income and asset criteria are met. It is long term as long as you qualify. In order to get it done right, there is a need nowadays for Medicaid planning. Visiting a qualified and experienced attorney on Medicaid Red Bank NJ means having someone who can get you through all the confusing rules.
Getting it done
There is a strict list of what assets are counted when you are considered and which ones are exempt. An experienced and qualified attorney in Medicaid Red bank NJ knows what can be kept and what has to be spent or given away. In general, exempt assets look like a home that is the main place you live, personal belongings and goods, one car or vehicle, prepaid funeral contracts, burial spaces and life insurance that is less than $1,500.00. Ones that are countable include any other property, money or such not mentioned in the exempt asset status. That might include US Saving Bonds, large savings accounts, certificates of deposit, trust funds, IRAs, boats, and other vehicles, stocks and land contracts.
There is more to Medicaid planning than we can write here, that is why there is a big need for turning to professional help when it is time. The legal and financial issues involved can be overwhelming and of course, it is an emotional time. An elder law attorney can help with all your Medicaid planning needs.
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