When it comes to planning for long-term care, 69% of Americans say they are not prepared for their own care needs. If the ongoing COVID pandemic has taught us anything, it is to expect the unexpected. One day you can be healthy, while the next you’re suddenly in an accident or incapacitated and unable to care for yourself anymore.
According to the American Council on Aging, staying in a nursing home can cost around $94,000 annually. While long-term care can be expensive, Medicaid can help offset some of these expenses. Applying for Medicaid can be grueling, however, it will save your family time, money, and stress if something were to ever happen to you. It’s better to be prepared and not need long-term care than to be unprepared and need a service that 70% of Americans need in their lifetime.
What is Medicaid?
Medicaid is a joint state and federal program that provides health coverage to eligible low-income adults, pregnant women, elderly adults, and people with disabilities. Medicaid also helps cover long-term care, such as a nursing home stay.
Why Plan so Early?
When applying for Medicaid in the state of Ohio, the state will examine the last five years of financial information. Medicaid conducts these checks to make sure that no assets were given away or sold under fair market value in order to meet Medicaid’s asset limit. By planning early, you can make sure that you have the time to get your finances in order with a professional before applying for Medicaid.
Speak with a Professional
An Estate and Elder Law Attorney can help guide you through the process of applying for Medicaid while also making the most out of the financial assistance available for long-term care in Ohio.
If an individual’s income and assets exceed the Medicaid cap, the attorney can inform the individual of any options they may have to legally transfer their assets. For example, some are able to use a Qualified Income Trust or convert countable assets into non-countable assets.
There is never a one-size-fits-all scenario when it comes to your assets and applying for Medicaid. Speaking with a professional is the best way to ensure that you are taking advantage of all options available.
Applying for Medicaid can take time, which is something many do not have when faced with entering long-term care. To better protect yourself, your estate, and your family, it’s best to plan ahead for Medicaid before you need it if and when the time comes – and before you drain your savings on long-term care.
If you have questions about planning for long-term care and applying for Medicaid, do not hesitate to reach out to the experts at the Deliberato Law Center either by calling our office at (216) 341-3413 or writing us using the contact form on our website.