Winter Park Medicaid Planning Attorney
AARP estimates indicate that more than half of older Americans will require long-term services and support in the future, but many do not realize the costs involved with the level of care they need. Unless you will rely on family caregivers, you could be looking at approximately $44,000 for an assisted living facility, $92,000 per year for a private room, and $20 per hour for at-home services from a skilled home health care aide. These expenses are out of reach for many people, so many must rely on Medicaid for financial support.
However, being a needs-based federal program, the eligibility rules are strict. Therefore, it is critical to retain experienced counsel to advise you on your options. At the Law Offices of Shea A. Fugate, P.A., our team specifically focuses on this niche legal area, so we are prepared to help you navigate the complicated landscape of laws. Please contact us today to schedule a consultation with a Winter Park Medicaid planning attorney. A summary of the relevant legal topics may also be helpful.
Overview of the Federal Medicaid Program
In many respects, medical and long-term care are services just like any other for which you pay a fair price. By default, you are personally responsible for these costs and would typically fund them through your own resources or insurance. However, when your assets and /or income are not sufficient to cover these expenses, you may qualify for Medicaid to close the gap.
Challenges enter the picture when you are just at or over the net worth threshold set by Medicaid regulations. The rules prohibit you from transferring assets to “spend down” your wealth, and there are even penalties for attempting to do so. Married couples can also encounter hurdles with Medicaid, especially when one needs long-term care and the other enjoys independence.
Options for Protecting Medicaid Eligibility
Based upon the above description, you can see the advantages of strategies to retain Medicaid eligibility while also protecting your assets. With help from a Winter Park Medicaid planning attorney, you may consider one or more of the following alternatives:
- Long-term care Insurance: These policies work in similar fashion to other health care policies, but they can be extremely costly.
- Lifetime Gifting: You can transfer assets to loved ones during your lifetime, but bear in mind Medicaid look-back regulations.
- Irrevocable Trust: You can spend down your assets by transferring them in trust to a trustee that manages them on your behalf. Because the trust is irrevocable, any assets held by it are not considered yours for purposes of net worth.
- Spousal Refusal: A unique law in Florida enables one spouse to refuse to support the other. While it sounds like a harsh way to treat your spouse, there are advantages for purposes of Medicaid planning.
Reach Out to a Winter Park Medicaid Planning Attorney Today
If you need advice or assistance with incorporating Medicaid into your long-term care planning, please contact the Law Offices of Shea A. Fugate, P.A. We can set up a consultation to review your circumstances, discuss strategies, and identify options that will serve your needs now and in the future.
