Long Term Care/Medicaid Planning

There are more than 2.5 million Americans living in nursing homes, assisted living facilities, and adult family homes. Many of you will need nursing home care at some point, even if it is for a short time for rehabilitation following a hospital stay. Many people fear the prospect of entering a nursing home because such a move signals loss of independence. Another big concern is, how will you pay for it? Nursing home care is expensive, with an average monthly cost of $5800 in the State of Washington. And, contrary to popular belief, Medicare DOES NOT cover most nursing home care.

There are several ways to pay for nursing home care, including self-pay, Long Term Care Insurance, and Medicaid.

Long Term Care Insurance

Though Long Term Care Insurance can be a good idea for some, it is not for everyone. It may be impossible to obtain if you or your loved are already disabled. If you have significant assets, and will likely not qualify for Medicaid, then you may want to purchase LTC insurance. The ideal time to purchase LTC Insurance is probably in your 50's or 60's if you think you may need long term care at some point; i.e. if your family has a history of longevity, or chronic debilitating diseases. Plans vary greatly, so it is a good idea to have a lawyer assist you with your decision.

Medicaid Planning

Without long term care insurance, nursing home costs can quickly drain your assets. This is not necessary. My office can help you or your loved one qualify for Medicaid, and protect and preserve the life savings that your loved one spent his or her entire life working to create. We help save the assets, through a variety of strategies that may include gifting, purchasing annuities, life insurance, tax and estate planning, and many other options that enable qualification for Medicaid while still saving the assets. I can also assist you with the Medicaid application process.

Consult with a nurse/attorney with extensive experience in nursing homes

If you or a loved one needs nursing home care, it is important to seek legal advice about your options. You may be able to save considerable expense through strategic planning. At my Seattle law office, I advise clients about their options, including Medicaid planning. As a registered nurse who focused on the care of the elderly for many years, I am dedicated to the care and needs of seniors. Contact me, Catherine S. Strong, RN, BSN, JD.