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Emergency Medicaid & Nursing Home Planning

The elder law attorneys here at Nirenstein, Horowitz & Associates counsel clients that are preparing for the eventualities of aging. Unfortunately, some of the realities are not very appealing, but it is important to address them head on as you develop a pragmatic plan for the future. One of these challenging situations is the potential need for nursing home care toward the end of your life.

There are a number of different reasons why people ultimately require the type of care that only a nursing home can provide, but the major culprit is Alzheimer’s disease. If you were to visit the Alzheimer’s Association website, you would find a treasure trove of very useful information. According to research that they cite, somewhere in the vicinity of 40 percent of Americans that are 85 years of age and older have contracted this disease.

In the geriatric community, elders that are 85 and older are referred to as the “oldest old.” Many people are surprised to hear that this group is growing faster than any other demographic subset. If you are fortunate enough to celebrate your 70th birthday, it is statistically likely that you will live long enough to join the ranks of the oldest old.

When you combine all this information, you can plainly see that Alzheimer’s is a looming threat for the vast majority of senior citizens. Clearly, many people with this disease will require nursing home care, and as we have stated, there are nursing home residents that have other ailments.

Cost Concerns

If you pay into the program sufficiently throughout your working life, you will qualify for Medicare when you reach the age of 65 under currently existing guidelines. As we all know, this is a health insurance program that is designed to address the health care needs of senior citizens.

The United States Department of Health and Human Services tells us that 70 percent of seniors will require help with their activities of daily living at some point in time, and a lot of these people will ultimately reside in nursing homes. Given these facts, you may logically assume that government health insurance for older Americans would cover long term care.

In fact, this is not the case. Medicare will pay for convalescent care, but it does not cover custodial care, which is the type of assistance that you would receive in a nursing home. This presents a financial problem, because nursing homes are very expensive.

Genworth Financial conducts ongoing research into the state of long term care costs. Our elder law offices are located in Connecticut. According to their study, in 2017, the median charge for a private room in a nursing home in our state was well in excess of $160,000 per year. It is not entirely uncommon for people to spend multiple years receive nursing home care, so the accumulated expenses can be staggering.

Asset Protection

All of the above sounds like some pretty bad news, but fortunately, there is a solution that we can help you implement. Medicaid is another government health insurance program that will pay for long term care. It is intended for people with very sparse financial resources, so there is a $2000 limit on assets that are considered to be countable.

There are some things that you own do that not count, including your home, though there is an equity limit that is $858,000 at the time of this writing. We should point out the fact that Medicaid can seek reimbursement through the sale of your home during the probate process after you pass away, but you can take steps to prevent this with the proper planning.

To stay within the asset limit, you can position assets out of your own name. Since the nursing home will probably be your last place of residence, you could simply give assets to loved ones who would be inheriting them anyway. However, there is a five-your look-back period in place to prevent you from giving assets to loved ones shortly after you find out that you need nursing home care. You are penalized, and your eligibility is delayed if you give away resources within 60 months of the submission of your application.

Contact Our Firm!

Careful advance planning is the key to obtaining Medicaid eligibility at the ideal time without losing anything in the process. If you would like to discuss the details with one of our elder law attorneys, give us a call at 860-548-1000 to set up a consultation.

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Testimonials

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.
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
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.
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
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.
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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.
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WESTPORT OFFICE

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

200 Glastonbury Boulevard, Suite 202
Glastonbury, CT 06033-4418
Phone: (860) 548-1000
Fax: (860) 761-1070
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Wednesday8:00 AM - 5:00 PM
Thursday8:00 AM - 5:00 PM
Friday8:00 AM - 5:00 PM
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