One of the most common mistakes people make is applying for Medicaid just before they are eligible. In fact, for many Medicaid is the only way to plan for long-term care expenses. To qualify for Medicaid, you must pass a means test; this may require advance planning in order to preserve some of your assets for your spouse or your children.
Many of our clients decide to put long-term care policies into place to ensure they can meet the high cost of nursing homes. Today, the cost of nursing homes or other long-term care facilities can be as much as $180,000 annually. This is out of reach for most of us and this is why it is so important to be prepared.
Those who are caring for a parent may need help with the financial side of their care. We can help you determine which coverage; alone or in conjunction with Medicare and Medicaid will be best suited to their needs. Your family’s finances can be seriously strained if you are forced to pay for the full cost of a nursing home for a loved one.
If you live in Northern Virginia, including Leesburg, Winchester and Shenandoah Valley contact NoVa Senior Law for help with Medicaid planning for yourself or your loved one. We can be reached at 540-535-6706.