One of the greatest fears of older Americans is that they may end up in a nursing home. This not only means a great loss of personal autonomy, but also a tremendous financial price. Depending on location and level of care, nursing homes cost between $35,000 and $150,000 a year.
Most people end up paying for nursing home care out of their savings until they run out. Then they can qualify for Medicaid to pick up the cost. This can get extremely expensive and it is important you have a plan in place to ensure your assets stay protected and your loved one can get Medicaid to help care for their needs.
Careful planning, whether in advance or in response to an unanticipated need for care, can help protect your estate, whether for your spouse or for your children. Insight can help you with these plans by making sure you receive the benefits to which you are entitled under the Medicaid programs while trying to preserve your assets.
Here is a video of Bobby explaining the firm’s strategy for proactive elder law planning: