WAEstate

Estate Planning | Making a Difference One Family at a Time

An Estate Planning Law Firm
Making a Difference One Family at a Time

Call Now: (860) 548-1000

Attend a Free Seminar
  • Home
  • Our Firm
    • About Our Firm
    • Meet Our Team
  • Services
    • Asset Protection & Business Planning
    • Estate And Gift Tax Figures
    • Estate Planning
    • LGBTQ Estate Planning
    • Loss of a Loved One
    • Pet Planning
    • Powers of Attorney
    • Special Needs Planning
    • Trust Administration and Probate
    • Veterans Benefits
  • Elder Law
    • Alzheimer’s Disease
    • Caregiver Information
    • Emergency Medicaid & Nursing Home Planning
    • Guardianship & Conservatorship
    • Hospice Care
    • Medicaid Planning
  • Resources
    • DocuBank
    • Elder Law Resources
      • Elder Law Reports
      • Glastonbury Elder Law Resources
    • Estate Planning Articles
    • Estate Planning Checkup
    • Estate Planning Definitions
    • Estate Planning Presentations
    • Estate Planning Seminars
    • Estate Planning Techniques
    • FREE Estate Planning Worksheet
    • Frequently Asked Questions
      • Elder Law & Medicaid
      • Estate Planning FAQs
      • Frequently Asked Questions for Families Without an Estate Plan
      • Legacy Wealth Planning FAQs
      • LGBTQ Estate Planning FAQs
      • Medicaid Planning FAQs
      • Probate FAQs
      • Trust Administration & Probate FAQs
    • Newsletters
    • Probate Resources
      • Probate Resources
    • Published Books
    • Reports
      • Advanced Estate Planning
      • Basic Estate Planning
      • Elder Law
      • Estate Planning for Niches
      • Trust Administration
  • Seminars
  • Communities We Serve
    • Fairfield County
      • Darien
      • Stamford
    • Hartford County
      • Avon
      • Hartford
      • Simsbury
      • West Hartford
    • Litchfield County
      • Watertown
    • Middlesex County
      • Middletown
      • Old Saybrook
    • New Haven County
      • Middlebury
      • New Haven
    • New London County
      • Groton
      • Old Lyme
      • Stonington
    • Tolland County
      • Mansfield
    • Windham County
      • Woodstock
  • REVIEW US
  • Blog
  • Contact Us

Will I Lose my Life Savings if I Have to go To a Nursing Home?

August 1, 2017 by Jeffrey A. Nirenstein

Medicaid lawyers help you to afford nursing home care. Once you’ve reached the age of 65, you have a 40 percent chance of someday requiring care in a nursing home, according to the Wall Street Journal. medicaid lawyers

Nursing home care can be astronomically expensive, which means that if you require this care for any length of time, there is a very real threat to your financial security unless you can get the care paid for by an outside source. Many older people who need nursing home care will end up staying in a care facility for at least five years, as the Wall Street Journal indicates anyone whose reached the age of 65 has a 20 percent chance of needing nursing care for at least that duration of time.

It is important to plan ahead for covering the costs of care just in case you are one of the older people who ends up in a nursing home. Nirenstein, Horowitz & Associates can help. Our legal team will work closely with you to ensure you are able to get your care costs covered when you need to, without spending your entire life savings to meet your medical and personal needs. It’s best to act early if you may need nursing home care in the future, and since anyone and everyone could one day require care, that means it is best for everyone to act well in advance of the time when such care becomes required. You should give us a call today to get your personalized plans in place so you won’t have to worry about ending up in a nursing home.

Will You Lose Your Life Savings if You Require Nursing Home Care?

If you require nursing home care and haven’t made an advanced plan to ensure that care is covered by some kind of third-party payor, you may have no choice but to pay for the care on your own – which likely means that you will indeed lose your life savings.

Your life savings is at risk because nursing home costs thousands of dollars per month… and these big bills aren’t usually covered by any type of standard health insurance policy. Medicare, which most seniors depend upon to cover the bulk of their healthcare costs, pays only for brief periods of skilled nursing care. This isn’t the kind of care most seniors need. Most older people need routine help with activities of daily living, or custodial care – which Medicare pays nothing at all for.

Medicare Advantage plans, Medigap and supplementary insurance policies that Medicare recipients sometimes buy also won’t pay for nursing home care. And, other kinds of private health insurance won’t pay for custodial care either. While you can buy long-term care insurance to pay for nursing home care, there are problems with many policies including very high premiums and restricted coverage… making this an impractical option.

As a better alternative, you should consider making plans to qualify for Medicaid coverage in case you need nursing home care. Medicaid will pay for custodial care in full so you don’t have to pay out-of-pocket. The downside, however, is that Medicaid is a means-tested benefits program. Because it is means-tested, you will only be able to get Medicaid if you don’t have too many financial resources.

If you’ve worked to buy property and build a nest egg, you probably have too many financial resources. You could end up having to spend your money and sell some of your property before you have impoverished yourself enough for Medicaid to pay for you. Medicaid estate recovery could allow the state to come after property that you still own when you pass away if the state paid for your nursing home care or covered certain other care costs for you as a senior. If you want to avoid all of this potential loss, you need to act as early as you can to structure ownership of your wealth so your assets don’t count as financial resources that disqualify you from Medicaid.

Getting Help from Medicaid Lawyers

Medicaid lawyers at Nirenstein, Horowitz & Associates will assist you in making certain that you can qualify for care when you need it. Our legal team works closely with you to protect your wealth while getting Medicaid to cover your costs for nursing home care or home healthcare. To find out more about why making a Medicaid plan is important and how the process works, join us for a free seminar. You can also give us a call at 860-548-1000 or contact us online today for help.

SaveSave

Filed Under: Medicaid

Other Articles You May Find Useful

Hartford Medicaid planning attorneys
What Is the Medicaid Community Spouse Resource Allowance?
Glastonbury Medicaid planning attorneys
How Do I Apply for Medicaid in Connecticut?
Westport Medicaid Lawyers
How Many Seniors Rely on Medicaid?
Glastonbury Medicaid Lawyers
Could Medicaid Face Federal Budget Cuts?
Hartford Medicaid Lawyers
What are Options for Long-Term Care?
Hartford Medicaid Attorneys
What Does Long-Term Care Actually Cost?

Download our free estate planning worksheet

There's a lot that goes into setting up a comprehensive estate plan, but with our FREE worksheet, you'll be one step closer to getting yourself and your family on the path to a secure and happy future.
  • This field is for validation purposes and should be left unchanged.

Follow Us

  • Facebook
  • Instagram
  • LinkedIn
  • RSS
  • Twitter
  • YouTube

Testimonials

This is a very difficult problem to face.- These people were a great help to us. They explained these matters clearly, professionally and kindly- My family will have an easier time dealing with this stuff. Now I can die in peace. The less of my estate the government gets, the better.
-B.C. & M.C.
We are very pleased with the service we have received. The staff has been very helpful, professional & cordial. It has given us peace of mind to work on the estate planning. All of the information received has been very helpful.
ERM
Process was clear and concise. An important factor was to attend the seminar. The Review was thorough with detailed information, punctuated by reassurances that the firm can always be contacted. We would recommend this firm.
MM
Very satisfied from the day of the seminar to when the trust took effect. All our questions were answered and any further questions we might have are only a phone call away. We will recommend this to all our family and friends.
B. T.
All of the staff were extremely professional & attentive and helped us navigate through the estate planning process with ease. As a result, we have piece of mind, as well as a clear step by step process to follow in the future. The take-home binder is an added bonus, and I know we will use it as a resource.
MS
Efficient, clear and helpful communication; clearly knowledgeable and an expert in estate planning and assisting clients; hospitable office staff; easy location to access; would definitely recommend to others interested in exploring and establishing trusts.
S.J.B.

Blog Subscription

  • This field is for validation purposes and should be left unchanged.

Upcoming Seminars

  • ESTATE PLANNING SEMINAR
    • Figaro Restaurant
    • Enfield
    • Tuesday, December 10, 2019
  • ESTATE PLANNING SEMINAR
    • Aqua Turf Country Club
    • SOUTHINGTON
    • Wednesday, December 11, 2019

See all seminars

Sign up for Newsletter

  • This field is for validation purposes and should be left unchanged.

WESTPORT OFFICE

191 Post Road West
Westport, CT 06880
Phone: (860) 548-1000
Fax: (860) 761-1070
preserveyourestate_sidbr_map

Somerset Square

200 Glastonbury Boulevard, Suite 202
Glastonbury, CT 06033-4418
Phone: (860) 548-1000
Fax: (860) 761-1070
preserveyourestate_sidbr1_map

Office Hours

Monday8:00 AM - 5:00 PM
Tuesday8:00 AM - 5:00 PM
Wednesday8:00 AM - 5:00 PM
Thursday8:00 AM - 5:00 PM
Friday8:00 AM - 5:00 PM
footer-logo
  • Facebook
  • Instagram
  • LinkedIn
  • Twitter
  • YouTube

The information on this website is for general information purposes only. Nothing on this or associated pages, documents, comments, answers, emails, or other communications should be taken as legal advice for any individual case or situation. The information on this website is not intended to create, and receipt or viewing of this information does not constitute, an attorney-client relationship.

Privacy Policy | Contact Us | Disclaimer | Site Map | Powered by American Academy of Estate Planning Attorneys

© 2019 American Academy of Estate Planning Attorneys, Inc.