Beavercreek Medicaid and Nursing Home Planning Attorney
Medicaid and Nursing Home Planning Attorneys in Beavercreek, OH
While few of us want to think about nursing home planning and Medicaid eligibility, according to LongTermCare.gov, a person turning 65 today has almost a 70 percent chance of needing some level of long-term care services in their remaining years. Women generally need long-term care longer than men by about a year and a half, and about 20 percent of those who require long-term care will need it for longer than five years. Having a Beavercreek nursing home planning attorney assist with long-term planning goals can make all the difference should that day ever come for you or a loved one.
Further, the cost of long-term care is significantly out-of-reach for the majority of Americans. According to the Ohio Department of Insurance, the average cost of long-term care is $93,805 per year for a private nursing home room, $52,065 per year for care in an assisted living facility, and $52,624 per year for home health aide services. This is why Medicaid and Medicare pay for almost 70 percent of long-term support services across the nation. Those are pretty sobering facts.
Your Family's Peace of Mind is Priceless
Read Our Former Clients' Five-Star Reviews
Our compassionate and through approach to Estate Planning makes a real difference in our clients' lives. Read reviews in their own words below.
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"The Best Customer Service"George and his crew provide the best in customer service and have an outstanding work ethic. They have always been there to help us when needed!- Mark S.
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"He Made It Easy"Bill was very friendly, knowledgeable, and kind. He made Estate Planning fun, fast and easy. We both feel relief to know our wishes are spelled out and our assets are protected!- Sherry C.
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"Peace of Mind"He explained each step 100 percent. He takes the time to talk WITH you, not TO you. I am so thankful I went to his seminar and took advantage of the free consultation.- Rosa S.
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"Made It Easy to Understand"George Lovett made our estate planning easy to understand and informative. He used our personal information to create a plan that was tailor-made to us.- Pamela O.
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"Expertise & Attentiveness"We were very pleased with the service, expertise, and attentiveness we received. We are glad that we choose Lovett & House for this.- Pat D.
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"A Pleasure to Work With"George Lovett has helped my family tremendously. He always explained our options and took care of us with the utmost professionalism.- Marlene W.
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"Easy to Understand"They made it easy to update our estate planning needs. All our questions were answered in easy to understand language and we didn't feel overwhelmed.- Rita S.
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"Very Helpful"he Estate Trust planning was easy to do with the Lovett & House. George H. Lovett and William H. House were very knowledgeable and helpful.- Judith A.
How Do You Qualify for Medicaid for Long-Term Care?
Since Medicaid is essentially the only way that most seniors can afford a nursing home, it is essential that you have an experienced Beavercreek nursing home planning attorney. You will want to ensure that you—or the person in question—receive the care they need while preserving a similar standard of living. Before becoming eligible for Medicaid assistance, the applicant may not have more than $2,000 of countable assets. If the applicant is married, his or her spouse is allowed a community spouse resource allowance. This allowance is equal to half of the countable assets the couple has on the first day the applicant is institutionalized and for 30 consecutive days up to a maximum of $130,380.
While real estate is a countable asset (county auditor’s valuation), the home is not counted if:
- There is a signed statement by the applicant stating he or she intends to return to the home
- The home is occupied by the applicant, his or her spouse, dependent children, grandchildren, parents, grandparents, siblings, or other dependent family members.
As far as motor vehicles, the first vehicle is excluded, and the presumed value of any other vehicles is the trade-in value according to Blue Book. Prepaid funerals are not countable if it is irrevocable and the same goes for burial spaces and arrangements. Household goods and personal effects are excluded (not countable). Promissory notes count unless they cannot be sold. Life insurance policies with a face value of more than $1,500 are countable assets.
Essential property used in a business is excluded, and non-business income-producing property is excluded up to $6,000 of the equity value. Retirement funds count unless minimum required distributions are being taken. Annuities are counted to the extent funds can be withdrawn by the applicant or spouse.
If the applicant is seeking nursing home care, his or her monthly gross income cannot exceed $2,382, unless enough of the gross income is deposited into a qualified income trust to meet that amount. A qualified income trust must be irrevocable in this situation. If there is a qualified income trust balance at the time of the applicant’s death, Medicaid must be reimbursed up to the amount Medicaid paid. The spouse of the applicant retains all his or her own income.
How Can a Beavercreek Nursing Home Planning Attorney from Lovett & House Help?
Attorney George Lovett has spoken and written on Medicaid and Nursing Home Planning issues hundreds of times to families, nursing home administrators, and other lawyers. At Lovett & House, our attorneys have the experience to address the broad range of concerns you and your loved ones may have. If you or a loved one is facing a permanent nursing home stay or considering assisted living, we can help you plan for such issues. We will work hard to help your family retain some of their hard-earned dollars, instead of spending it on nursing home care.
Contact Lovett & House, Co., LPA today for more information and answers to your questions.
