As an Elder Law attorney, I get asked this question all the time. Often, the “asker” is someone who thinks it’s necessary to spend down their assets. And, often, if they haven’t come to me in time, they’re forced to live the rest of their life in poverty.
The truth is that it is possible to get benefits without spending down… but only if you know the right way.
The wrong decision can result in disaster for you and your family… which is why you should check with an Elder Law attorney before making any decision!
There are actually three ways to pay for care…
PRIVATE PAY: Pretty simple – you use your own funds. You might draw from retirement-income (pensions, Social Security); retirement savings (IRA, bank accounts); or from stocks, bonds, mutual funds, etc.
LONG-TERM CARE INSURANCE: – If you’ve got $200-$300 a day to make the payments – especially if you start while you’re relatively young – this makes sense. Tragically, though, most seniors don’t have long term care insurance. And if you’re diagnosed with Alzheimer’s or dementia, don’t bother applying.
MEDICAID: This is a program funded jointly by the Federal Government and the state, created specifically for seniors. You’ll have to pass strict asset and income requirements. And to make sure you will, you should consult with a person who knows those guidelines better than anyone else – an Elder Law attorney.
At The Law Offices of Alice Reiter Feld & Associates, we practice Elder Law – and only Elder Law. We’ve been practicing it, in fact, for 33 years. And we’ve helped thousands of South Florida families qualify for Medicaid and other government benefits… in addition to assisting them with estate planning, wills, trusts, powers of attorney, long-term care planning, and asset protection.
We know the Medicaid rules. And we’re just a phone call away.
Should I Wipe Out My Family’s Assets? In Order To Get Help With Nursing Home Expenses?