A nursing home attorney at Biddinger & Estelle does more than just help residents of Michigan’s shoreline communities to pick a nursing home. Our legal team also provides help to people who are getting older in making a plan to protect assets in case they require nursing home care. As you get older, making an asset protection plan becomes vitally important so you can keep your wealth safe if you must get nursing home care or long-term care at home. Here are a few key reasons why asset protection is more important as you move further into the aging process.
Your Chances of Going to a Nursing Home Increase as You Age
One of the biggest reasons why it becomes so important to make an asset protection as you age is because your risks of needing nursing home care go up dramatically — and nursing home care is so expensive.
According to the Wall Street Journal, any person who has reached the age of 65 is going to face a 40 percent chance of needing care in a nursing home sometime during the rest of his or her lifetime. Not only that, but there is a 20 percent chance a senior who needs nursing home care will end up staying in the care facility for five years or longer.
Because your chances of going to a nursing home increase, you’ll need to make sure you have a plan to pay for nursing home care. Care can cost thousands of dollars every single month in a nursing facility. Even if you are able to get by with long-term care help at home, you’re still looking at several thousand dollars each month in expenditures for the costs of home health aides or visiting nurses. Most of the time, none of the costs of home-based long-term care or nursing home care are covered by Medicare or private insurance. When you cannot get coverage for the care that you require, your assets are at grave risk.
To make sure you have kept your assets safe while simultaneously ensuring you can get covered for the nursing home care or long-term care you need, you should talk with an experienced attorney about your asset protection options.
You’re More Likely to Have Assets When You Get Older
Unfortunately, as you get older and your risk of needing nursing home care rises, the likelihood you have valuable assets generally also goes up as well. As you age, you naturally acquire more wealth. You may have savings, a paid off home or home with a lot of equity in it, and other assets of value. Much — although not all — of the wealth you own could be considered financial resources for determining if you can get covered by means-tested Medicaid.
Unfortunately, if you are found to have too many financial resources, Medicaid could deny you coverage until you have impoverished yourself and no longer have too much money or property get benefits. You could lose your chance to leave your legacy if you have to spend all of your money to pay for nursing home care or to pay for a home healthcare aide.
Money could be lost during the Medicaid estate recovery process too, which takes place after you pass on and which is a process by which the state that paid your Medicaid nursing home care or long-term care benefits tries to act as a creditor and make claims on your estate to recover for the costs spent on your care.
You don’t want your assets to be lost that you had hoped to hand down to heirs or beneficiaries, so you should work with an experienced attorney to find out if you can protect your wealth while still getting your vital nursing home care paid for by the government.
Contact a Nursing Home Attorney Today to Find Out More
A nursing home attorney at Biddinger & Estelle can help you to determine if you should make a plan to afford nursing home care and can work with you to use the necessary legal tools to carry out that plan. Our goal is to help you get Medicaid when you need it to pay for your long-term care, nursing home care or other costly medical services — without first having to spend your own assets on care you don’t want to pay out of pocket for.
To find out more about the personalized assistance our legal team can offer to residents of Michigan’s shoreline communities from St. Clair to Presque Isle and beyond, give us a call at (989) 872-5601 or contact us online today.