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Medicaid Planning and Elder Law Services in Greenville, SC

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Greenville Medicaid planning and elder law services are provided so you know what to expect as you age. Many seniors qualify for Medicare coverages, but there are out-of-pocket costs for which you may not be aware. When you sit down to plan your finances for your golden years, there is a lot to think about. You have to consider paying Medicare premiums, copayments, and deductibles.

If you are a senior who has planned accordingly, then it’s likely that these are costs you have already factored in to your plan. If you haven’t planned properly, then you may not be aware of the one big thing that can wipe out the inheritances you want to leave to your family.

Nursing Home Costs

About 70 percent of senior citizens will need help with their day-to-day needs at some point in time, and 35 percent of elders will live in nursing homes. Medicare does not pay for long-term care, and this is the major gap we are highlighting.

Here in South Carolina, you can expect to pay about $96,000 for a year in a nursing home. Costs have been going up year after year, so if you need care in a couple of decades, the number may be a lot higher. Still, the average nursing home stay is a year’s time, which can rack up expenses. In addition to that, if you’re spouse is in a nursing home, those costs are exponential. Later in life, it’s hard to get that kind of money together. That is why Greenville Medicaid planning is of the utmost importance.

There are things about planning for nursing home care in your golden years that you may not already know. Our experienced estate planning attorneys will listen to your situation to offer valuable advice and a comprehensive estate plan for you and your family.

Medicaid Eligibility

The solution for most people is Medicaid coverage. This government health insurance program does pay for living assistance if you can qualify. Medicaid is in place to provide health insurance for people who display a financial need. It is a government program that has a low asset limit, so it’s beneficial to take advantage of that while there’s time. To qualify for Medicaid to pay for long-term care, you could give gifts to your family members while you are still alive.

This is called a Medicaid “spend down,” but you have to plan ahead carefully to do this the right way, because there is a five-year look back period. You have to complete all gift giving at least five years before you apply for Medicaid coverage.

It would still be possible to qualify, but there would be a penalty period. For example, if you gave away enough to pay for a year of nursing home care, you would be ineligible for one year.

Income-Only Medicaid Trust

You could give direct gifts to your loved ones with the five-year look back period in mind, but there is another option that is better for some people. An income-only Medicaid trust can be used to get assets out of your own name so you can qualify for coverage if you need it.

The principal would not be available, but you would be able to receive income that is generated by assets in the trust. If you do qualify for Medicaid at some point, most of the income would go toward the cost of the care that you are receiving.

Caregiver Children

There is one exception to the rule when it comes to the Medicaid look back period. If one of your adult children has been caring for you in your home for at least two years, you can give the property to your child. In these situations, there would be no penalty, and Medicaid could not go after the home after your passing.

Elder Abuse

Long-term care is the most pressing elder law situation that we handle on a day-to-day basis, but there are some others. One of them is elder abuse, and it can be physical, emotional, or financial. There are things that you can do to protect yourself, and we can explain them when you connect with our firm.

South Carolina Elder Law Resources

There are some very useful resources that you can tap into if you are interested in these elder law issues. One of them is the Medicare and Seniors Health Insurance and Information Portal.

This page provides instant access to numerous different providers of health insurance resources for South Carolina seniors.

Many families are touched by Alzheimer’s, a horrible disease that strikes about one third of the oldest elderly. You can obtain information about the disease and access to resources if you visit the Alzheimer’s Association website.

Get in Touch Today!

We know that this is a very tough subject, and there is nothing good to say about it. At the same time, it’s a fact of life, and it is best to do what you can to get ahead of it.

If you are ready to talk about a plan for aging, we are here to help. You can call us at (864) 268-8244 to set up a consultation, and there is a contact form on this site that you can use to send us a message.

 

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Greenville, SC 29615

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