Protect Your Family's Legacy While Securing Long-Term Care
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Navigating the complexities of Medicaid for long-term care can be overwhelming. At SpendDownAlabama.com, we guide you through every step to ensure your loved ones receive the care they need without jeopardizing your family’s assets.
Secure Your Loved One's Care Without Losing Your Assets
Contact Us Now for Personalized Medicaid Planning Assistance
My mom has fallen & broken her hip… The doctor says that after she is discharged from the hospital she will be going to inpatient rehabilitation… What does that mean?
Inpatient rehabilitation is typically an inpatient stay where mom receives medical care and physical therapy for an initial 21-day period. This 21-day rehab period may occur at a nursing home and will typically be paid for by Medicare.
Medicare is a health insurance benefit provided by the federal government to those over age 65, or under age 65 and disabled. Medicare covers doctor visits, tests, hospital care, and limited rehabilitation benefits in a nursing home.
Medicare does not cover long-term or nursing home care after the rehab period. That must be paid by the patient (private pay), long-term care insurance or Medicaid.
My mom is in inpatient rehabilitation and not progressing… The facility is telling us that due to her condition she will not be able to care for herself and will need full-time care. What does that mean?"
We call this 'Medicaid 911!'" This is the point where decisions must be made and made timely to provide Mom with the care she needs.
Top Questions to Work Through:
Does mom need to stay at the nursing home full time?
Are you able to bring mom home and care for her 24/7?
Can mom or the family pay $8,000.00 monthly out of pocket for the nursing home?
What are mom’s realistic options?
SpendDownAlabama.com has been created by the attorneys at Vertical Estate Planning, LLC to take care of these problems and give families in this scenario options. Our attorneys assist families who desperately need assistance with obtaining inpatient nursing home care, long-term care, or skilled nursing care for a loved one, but do not want to lose the family home, 401k, IRA, savings, life insurance, etc. We are here to assist in providing options to you and your family that is in everyone’s best interest.
How Do You Know if Medicaid is What You Need to Be Applying for?
First and foremost, there are only three ways that inpatient nursing home care, long-term care, or skilled nursing is paid: by private pay $$ or Medicaid [Medicare and/or health insurance does not pay for this type of care].
Private pay in Alabama will cost a family $8,000.00 plus a month. Long-term care insurance pays an amount set by the contract per day, not the full amount of the bill. There is a limit to the total amount of benefits that will be paid. This is typically $150 per day with a maximum of $150,000 lifetime. That leaves the family to pay the remaining $100 per day, $3,000 per month. After 33 months, the family has to pay the full amount.
Medicaid: If or when the person has less than $2,000 in countable assets. In other words, when a parent has spent everything earned and saved, house, land, retirement, and life insurance.
I Have Heard Horror Stories About Nursing Homes 'Taking Everything the Family Has Worked All Their Lives to Obtain'… How Do I Get Mom on Medicaid Without Losing the Proverbial Farm?
The nursing home does not have to be a financial disaster. At Vertical Estate Planning we know the secrets to keeping as much money as the law allows.
Private pay in Alabama will cost a family $8,000.00 plus a month. Long-term care insurance pays an amount set by the contract per day, not the full amount of the bill. There is a limit to the total amount of benefits that will be paid. This is typically $150 per day with a maximum of $150,000 lifetime. That leaves the family to pay the remaining $100 per day, $3,000 per month. After 33 months, the family has to pay the full amount.
Medicaid: If or when the person has less than $2,000 in countable assets. In other words, when a parent has spent everything earned and saved, house, land, retirement, and life insurance.
Should I let the Nursing Home apply for Medicaid?
The answer is no. The nursing home is good at getting the nursing home owner paid, not protecting the family while ensuring care for your loved one. When our attorneys create a Medicaid plan it goes like this:
The first part of the plan is to make certain that the client or Medicaid applicant will have appropriate care for life. If that life is 2 years or 20. This could involve care-at-home, assisted living, and/or nursing home care later.
Before a plan is established… the attorneys at VEP look at all available assets owned by the applicant to determine what assets the family will be able to keep.
All money will have to be spent down to below $2,000 prior to Medicaid eligibility. This can be done in ways the most beneficial to the applicant and family.
If there is real estate, the real estate will need to be sold at fair market value. Fair market value must be established prior to the sale. Failure to do so could result in a significant Medicaid penalty. In fact, there is a 5-year look-back on any gifts, sales of real estate, vehicles, or other financial transactions. It all will be examined for fair market value transactions.
If the client/applicant is married, the spouse can keep the house. A community spouse (Medicaid language for the spouse who stays at home).
Per the Medicaid rules, there are ways to creatively spend down funds and many times a gift to the
The attorneys at SpenddownAlabama.com provides you with options and a plan that best suit YOUR FAMILY's situation and handle the medicaid process for you. That is what we do!
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