As we all know, a stay in a nursing home is a substantial cost, and rising. As a result, individuals and their loved ones need to plan strategically to protect assets they have worked a lifetime for. These unbearable nursing home costs could easily impoverish even the most well-to-do families. Should you or your loved one be stricken with Alzheimer’s disease, the average nursing home stay could be five years or more. In the state of Florida, with the average cost of a monthly nursing home stay around $7,500.00, this could amount to $450,000.00 or more! Thus, the importance of understanding nursing home Medicaid eligibility and estate planning!
Throughout the series of articles on this forum, we will be shedding light on nursing home Medicaid / ICP Medicaid rules for single individuals as well as married couples. We will lead you through easy to understand examples and explanations as to asset limits for nursing home Medicaid eligibility as well as income limits. Moreover, we will work together to illustrate how you and/or your loved ones can engage in asset preservation and estate planning strategies.
Many families believe they need to spend down all of their assets to be eligible for nursing home Medicaid / ICP Medicaid qualification. You do not need to “throw away” all of the assets and property you have worked so hard to acquire over a lifetime. You or your loved one will be able to leave a legacy, with dignity, based on yours and/or their desires. I think it quite clear that most people with children or grandchildren would opt to pass on the assets and possessions they have worked so hard to acquire to those heirs. The nursing home Medicaid specialists at Elder Planning Alliance are proud to possess a distinguished A+ accredited rating with the Better Business Bureau. Moreover, Elder Planning Alliance enjoys a 100% success rate with nursing home Medicaid approvals.
A bit about us and our services? We are experts in the field of elder planning and estate planning including nursing home Medicaid filing, ICP Medicaid, Medicaid eligibility, Medicaid qualification, the Diversion Program, asset protection, financial planning, and asset preservation. Also, should you need assistance finding an appropriate facility for your loved one, please do not hesitate to contact our team. We have helped hundreds of families in situations exactly like yours. We have successfully protected their assets and made a smooth transition to assist them in receiving nursing home Medicaid benefits. Please do not hesitate to call our specialists, toll free, at 1.866.372.2702 for your free initial consultation. Thank you for your interest in this introduction to nursing home Medicaid and estate planning article.