Someone turning age 65 today has an almost 70% chance of needing some type of long-term care during their lifetime. In Ohio, the median cost of a private nursing home room is now $124,666 per year. Without proper planning, the cost of care can quickly deplete a lifetime of savings.
Planning ahead is critical because Medicare only covers short-term skilled or rehabilitation care and many families either cannot afford long-term care insurance or no longer qualify. As a result, many nursing home and assisted living residents ultimately rely on Medicaid to help pay for care.
However, Medicaid has strict income and resource rules. Without proper planning, you may be required to spend down most of your assets before you qualify. Giving assets away at the last minute is also not a solution. Transfers made for less than fair market value within five years of applying for Medicaid can result in a penalty period, leaving you without the funds or Medicaid coverage needed to pay for care.
The good news is that there are planning options available. With the right guidance, you can protect assets, preserve more of your savings for your spouse and loved ones, and put a plan in place, ideally before a crisis occurs. If you are concerned about the cost of long-term care, now is the time to explore your Medicaid and asset protection planning options.
At The Perla Law Firm, LLC, we help individuals and families navigate the complexities of Medicaid Planning with strategies designed to protect assets while preparing for the possibility of long-term care.
Whether you are planning ahead, facing an immediate nursing home placement, or seeking to preserve resources for your spouse and loved ones, our experienced team can guide you through your options and develop a personalized plan that meets your unique needs.
Contact The Perla Law Firm today to schedule a consultation and learn how proactive Medicaid Planning can help protect your financial future while ensuring access to the care you deserve.
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Estate Planning • Wills • Living Trusts • Probate Avoidance Deeds • Financial Power of Attorney • Healthcare Power of Attorney & Living Will • Disposition of Bodily Remains • Medicaid Planning • Medicaid Asset Protection Trusts • Special Needs Trusts • Elder Law • Caregiver Agreements • Guardianships