At Shelly A. Gallagher, PA, we can help you and your loved ones prepare for the financial, medical, and legal challenges that come with growing older. The plan we create for you allows you to control and protect your assets if you become incapacitated and require assisted living or nursing home care. We don’t mean to alarm you, but the following statistics speak loud and clear about the importance of having a plan in place for the future:
- Approximately 70 percent of people over 65 will need long-term care at some point in their lives1
- The median price of nursing home care in Florida is $83,950 for a semi-private room and 91,615 for a private room2. The cost can be considerably higher in some situations and is expected to rise in the future
- The average stay in a nursing home in Florida is nearly two and a half years3, which means that the overall average cost of a person residing in a nursing is well over $200,000
- Many families exhaust their life savings within a few years of a family member entering a nursing home
We can use a combination of tools and strategies to design a customized plan capable of protecting your assets against the possibility that you will need expensive long-term care in the future. This is known as proactive planning, or long-term care planning.
In addition, we can help you cope with a Medicaid crisis situation.
What is a Medicaid crisis situation?
Medicaid is now the largest provider of financial assistance for nursing home residents in the United States. We define a Medicaid crisis as a situation where an individual has been admitted to a nursing home, or must enter a nursing home in the very near future, and has been informed that he or she has too many assets to qualify for Medicaid assistance. Not only is it a Medicaid crisis, but given the cost of nursing home care, it is indeed a financial crisis for the vast majority of families.
What you must understand is that the laws governing Medicaid eligibility are quite complicated and change over time. The advice you receive from friends, family, and even social workers and nursing home personnel is often wrong or outdated. At Shelly A. Gallagher, PA, we know how to help families obtain assistance from Medicaid to defray the costs of nursing home care.
If you or someone you love is facing a Medicaid crisis situation, contact us as soon as possible. We can determine if you are eligible for financial assistance, and help you obtain that assistance as quickly as possible. We may still be able to assist you even if you are already in a nursing home or have been denied benefits in the past.
12014 Medicare & You, National Medicare Handbook, Centers for Medicare & Medicaid Services, September 2013.