Did you know the annual cost for nursing home care in Florida ranges from $80,000 to over $100,000? With an estimated 70% of Americans over the age of 65 requiring long term care at some point in their lives, it’s important to plan for this costly expense. Long term care planning can ensure you receive the necessary level of care while protecting your assets from nursing home costs.
How to Pay for Senior Living
Planning ahead for the cost of long term care can ensure you are choosing the best option for your circumstances. There are a few strategies to consider:
Private Pay: This entails using your own assets to pay for the cost of nursing home care. For example, you may dip into your retirement fund, pull from personal savings, or utilize support from family members. While this option may provide you with more choice when selecting a care facility, this expense can greatly impact your finances and affect what you plan on leaving behind for your loved ones.
Medicaid: Upon meeting certain requirements to qualify for Medicaid, this option can provide full coverage for nursing home expenses. Eligibility is dependent upon strict financial and medical criteria, such as having limited income and assets. An elder law attorney can guide you through the Medicaid application process.
Veteran Aid & Attendance: Qualified veterans can receive monthly payments to help cover the cost of nursing home care. Our Board Certified Elder Law Attorney is VA-accredited, and understands the requirements needed to apply for these available resources.
Long Term Care Insurance: If you are unable to care for yourself due to illness or disability, long term care insurance can provide support for a range of services.
Preparing for Nursing Home Costs
Start Planning Early: You never know what the future brings, so it’s important that you prepare for potential circumstances by creating a plan outlining your wishes.
Determine Finances: Once you understand the different ways you can pay for the cost of a nursing home, decide which route makes the most sense for you and your family. You may want to consider a payment avenue that allows you access to the best care while still being able to set your loved ones up for success down the road.
Communicate with Family: Make sure that your loved ones are aware of your wishes, especially if the need for nursing home care arrives sooner than expected. The process of selecting a nursing home can be especially hard on spouses and family members, so it’s important to have open communication and support from loved ones during this time. If your loved ones become responsible for making medical decisions on your behalf, it’s best they are aware of your preferences.
Contact an Elder Law Attorney: Working with an elder law attorney who is familiar with strategies that can help offset the costs of potential long term care services can be a huge resource for seniors. There’s no need to navigate the journey alone—contact a professional who can secure your legacy.
The Importance of Elder Law Services
One of the best ways you can prepare for the future is by working with an elder law attorney. As we age, our needs change, and an elder law attorney is prepared to help you navigate these later stages in life. You’ve worked hard to build your wealth over the years, and proper planning can help you protect it.
Our firm can help with Medicaid planning, long term care planning, Veterans benefits, nursing home asset protection, and more. Don’t wait until the need arises before you start planning for your future. Gain peace of mind knowing that you’ll be able to receive the care you need, when you need it. Schedule a consultation with our Board Certified Elder Law Attorney today.
Contact Us
At Florida Elder Law & Legacy Planning, we can ensure your family is protected from the uncertainties of the future. Contact us by calling (813) 651-1233 or by filling out the form below.
