Last week we shared the 2021 Medicaid eligibility changes which coincide with the yearly social security adjustments which take effect each January. Over the next couple of months, we will explore what these amounts mean and other Medicaid terms and rules that often cause concern and confusion for families seeking long term care. We invite you to put your seatbelt on because we are about to take you on a Medicaid road trip. Our Medicaid journey will educate you about how to pay for long term care through Georgia Medicaid.
How to pay for the care that’s needed?
When a loved one requires skilled nursing level care, many families face the difficult question on how to pay for the care required. Nursing homes in Georgia cost on average between $7,500 and $9,500 per month and some facilities are over $10,000 per month! This is hard to sustain for even the most diligent savers! Despite many years of working and saving, families are concerned that there simply won’t be enough money to cover the cost of care.
Single or Married?
One of our first considerations when determining a Medicaid plan for a client is if they are single or part of a married couple. This is a crucial factor as Medicaid treats each situation quite differently. In our recent blog we shared income and asset levels for each situation. As we have mentioned before, there are ALWAYS ways to save and protect income and/or assets with proper planning and that is where Hurley Elder Care Law can come to your aid. We will share a few tips and ‘secrets’ during our upcoming road trip.
In addition to income and assets being a large part of Medicaid planning, we also educate our clients on items that can be exempt such as a home, a vehicle, retirement account, and a burial account (up to $10,000). These discussions often convince families that they should not gift, sell property or empty a bank account unless advised by us. As you would likely guess, there are still rules that apply to these exemptions which we will be sure to explain more deeply along the way.
Today we wanted to give you a sneak peak of just a few of the many pit stops we will take during our scenic, but often bumpy, Medicaid journey. Grab your snacks and set your GPS because we are about to get on the road!