Apr 6, 2020

Posted by in Health | Comments Off on Reduce the Burden of Paying for Nursing Home Care in McDonough GA with Medicaid Planning

Reduce the Burden of Paying for Nursing Home Care in McDonough GA with Medicaid Planning

Reduce the Burden of Paying for Nursing Home Care in McDonough GA with Medicaid Planning

One of the most difficult decisions many people have to make is to move from independent living into a nursing home. This decision is often done during a time of stress, such as becoming too ill to remain in their home or the inability to maintain a safe and healthy lifestyle while living independently. The biggest concern for those moving, as well as their loved ones, is the difficult task of paying for nursing home care. However, this burden can be greatly relieved with medicaid planning. Medicaid is a government program that helps with payments for the cost of nursing home care in McDonough GA. However, the program is based on eligibility and there are several guidelines, rules and regulations that are addressed to determine the eligibility. Medicaid planning is the process of protecting and utilizing your assets to be within the guidelines of Medicaid. Planning ahead helps to prepare you for the cost of long-term nursing care, either at home or an extended stay facility. This is a process that allows you to access any available benefits that will minimize the the exposure of the family assets to nursing home costs.

There are basically four different ways you can pay for nursing home care; long term care insurance, pay out-of-pocket, medicare or medicaid. It is important to plan ahead, both for adjusting your assets to qualify for medicaid coverage as well as if you should have to pay out-of-pocket nursing care expenses. The first step to pre-planning is to hire an elder law attorney to assist you with the planning. An attorney will be able to assist you with creating a durable power of attorney, will or trust and a health care power of attorney. It is important to understand a wide range of information regarding assets, including revocable trust, which allows protection of your assets when married and an irrevocable trust, which is exempt under the rules of Medicaid.

There are a number of other things that can be done to pre-plan for nursing home care, such as a pre-paid funeral plan, gifting or transferring assets, converting countable assets to exempt assets and transfers to non-spouses. Many of these processes are complicated and difficult to understand, so it is important to Visit website and get help from an attorney who is knowledgeable in the laws concerning Medicaid.

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