At Mannor Law Group, our approach to elder law involves helping seniors and the people who love them cope with the many medical, emotional, legal and financial challenges that accompany growing older. We don’t mean to alarm you, but consider the following statistics:
- It is estimated that 70% of people over age 65 will need long-term care at some point in their lives
- In Michigan, the median annual cost of a semi-private room in a nursing home is $90,703 while a private room costs $99,098. In some situations, the cost can be considerably higher
- Two out of three families exhaust their life savings within a year or two of a family member entering a nursing home without proper planning
We can help you plan in advance for the possibility of needing expensive long-term care in the future, as well as help you cope with what is known as a Medicaid crisis situation.
Advance planning is for people who are in good health now but want to prepare for the very real possibility that they will need long-term care in the future. We can work closely with you to develop a plan capable of protecting your hard-earned life savings if you and/or your spouse eventually require home care, assisted living care or nursing home care. The plan we design can allow you to obtain the care you need while simultaneously protecting your assets for the benefit of your spouse, loved ones and legacy.
Perhaps you have heard that you can simply give your assets away to family and friends in order to become eligible for assistance from Medicaid to pay for nursing home care. While gifting is possible, it must be done in precisely the right way. The penalties of giving assets away improperly to qualify for Medicaid assistance are severe, including loss of eligibility for years. In addition, it is entirely possible that you will need the assets you give away yourself sometime in the future. Contact us today to discuss your advance planning options and how to protect your assets against the high cost of long-term care.
Coping with a Medicaid Crisis situation
When a person is told that he or she must enter a nursing home immediately or in the very near future, it precipitates not only an emotional crisis but a financial one as well. As we have seen, nursing home care in Michigan is extraordinarily expensive. Medicare will not pay for a lengthy stay. Worse, many families are told that the person who must enter the nursing home has too many assets to qualify for Medicaid assistance. This results in what is often called a Medicaid Crisis situation.
If you or someone you love is in this situation, what you must understand is that information about Medicaid eligibility provided by well-meaning family, friends and even social workers is often outdated or simply incorrect. Laws governing Medicaid eligibility are ever-changing and extremely complicated. We understand these laws and can use a variety of strategies to help you qualify for Medicaid assistance and get the care you need without losing your life savings. This may be possible even if you or your loved one is already living in a nursing home.
Contact us as soon as possible for a personal meeting to discuss your particular situation. You are not alone during this difficult time. We are here to help you.