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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.
The city of Beavercreek is a suburb of Dayton, with about 47,000 residents—the largest city in Greene County. Beavercreek lies in a beautiful, tree-covered valley, with farms dotting the picturesque rolling hills. If you are a senior citizen in Beavercreek, you probably enjoy your quality of life and expect to live a long, healthy life.
While we hope this is true for you, unfortunately, many seniors in Beavercreek do end up needing long-term care. It simply cannot be stressed enough that it is immensely better to plan for long-term care and not need it than to fail to plan for long-term care and need it. That planning can be facilitated by an experienced Beavercreek nursing home planning attorney from Lovett & House.
Why Choose a Beavercreek Nursing Home Planning Attorney from Lovett & House?
Medicaid and nursing home planning can be not only emotionally charged subjects, but they can also be quite complex. When an individual’s monthly income or resources are over the financial eligibility limits, there are ways to circumvent these issues by converting income into trusts and assets into non-countable assets.
In some cases, one spouse may require long-term care while the other can still live independently. These, along with many other potential scenarios can be competently addressed by the Lovett & House experienced nursing home planning attorneys. We know you have choices when considering an estate planning attorney, however, we believe we have the skills and knowledge necessary to ensure your estate plan comprehensively reflects your unique situation. At Lovett & House we:
- Have decades of experience helping people just like you plan for the future
- Offer a free five-minute phone appointment
- Have an attorney that is a board-certified specialist by the Ohio State Bar Association
- Have more than 100 Google reviews
What Does Long-Term Care Consist Of?
Long-term care could involve in-home assistance, living in an assisted living facility, or living in a nursing home. For a person that has had a stroke or something similar, Medicaid could provide 15-20 hours per week, depending on the needs of the family. Those that are unable to stay in their home could be able to reside in an independent living facility. This is similar to an apartment for the senior citizen that has some private space but may open to a common community center, including a cafeteria.
Medicaid assistance is rarely available for assisted living facilities. The state of Ohio does have an assisted living waiver program that will pay for assisted living, but in most cases, the facility will require at least a year of private pay prior to accepting the waiver program. Nursing homes are the last stage and may charge as much as $8,000-$10,000 per month. Full-time care is provided, and most nursing home residents are enrolled in the Medicaid program.
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.