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Medicaid & VA Planning (with Asset Protection)

Short- and long-term health care costs are astronomical. Many elders in Florida between 70 and 90 own their own home and have net assets between $25,000 and $750,000. Even on the upper end of that scale, an unexpected medical emergency can cause savings to dwindle quickly. And on the lower end, even a short-term stay at a rehab facility can completely empty the bank account. In most cases without protection, it does.

The average cost of a skilled-nursing facility in Florida is $9,171 per month. Many people do not realize Medicare and most other insurances do not cover beyond the first 100 days in a nursing home. The facility will pursue assets to cover the remaining cost. 

How Can You Protect Your Assets?

Medicaid planning legally protects an individual’s assets from being recouped to cover both short- and long-term care expenses. Caregiver Support & Resources, LLC works with elder-law attorneys, and we can legally and ethically protect people’s assets to help them qualify for Medicaid. Medicaid, unlike Medicare, will cover all long-term care costs. Once we obtain Medicaid eligibility for an individual, if they remain within the Medicaid guidelines, they will have eligibility for the rest of their lives.

There’s no reason an elder should live in poverty for transitioning to higher levels of care. Our clients, their families and future generations may still live in comfort and dignity. Medicaid protection allows individuals to retain an income from sources like Social Security in addition to retaining personal possessions of value and a burial fund. Medicaid will also pay for some home health care and a portion of an assisted-living facility bill, if it accepts Medicaid.

Transferring wealth and property to chosen beneficiaries allows you to protect it for years to come. But it must be done before Medicaid’s five-year lookback period.

Do You Need Medicaid & VA Planning with Asset Protection?

Someone can save their whole life and think that they’ll have enough money for a rainy day  — and beyond. Then they may experience a stroke, major heart attack or receive an Alzheimer’s or cancer diagnosis. Without protection, they may no longer have the means to afford the care they require. 

Few people know that preparation with a Medicaid and asset-protection specialist can avoid being left with nothing. There is much misinformation about long-term care Medicaid in Florida. Call us today for a free consultation at (727) 409-2292.

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