Navigating a Medicaid Crisis
By 2023, nursing home costs have soared, with a semi-private room averaging around $8,669 a month and a private room at about $9,733.
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Navigating a Medicaid Crisis
These prices can vary based on location and care level. Check out Genworth’s website for updated figures (https://www.genworth.com/aging-and-you). There are over 1.2 million residents in U.S. nursing homes, and roughly 70% of people who turn 65 will eventually need long-term care.
Many families drain their savings to cover these costs, which keep climbing each year. Medicaid, a joint federal and state program, steps in to help with healthcare expenses for those with limited resources, covering nursing home care that Medicare does not. Medicaid supports around half of all nursing home stays.
A Medicaid Crisis occurs when someone needs nursing home care imminently but has too many assets to qualify for Medicaid. Without Medicaid, families might struggle to pay the high bills, risking their financial stability and even their homes.
Getting help from an elder law attorney is crucial in these situations. They can guide you through the tricky Medicaid application and recertification processes. Even if you’ve been rejected before, it doesn’t mean you can’t get assistance now or later. An attorney can clarify misinformation and help craft a solid Medicaid planning strategy, which is key for approval.
Timing is vital in Medicaid planning, especially in a Medicaid Crisis. An elder law attorney will evaluate all aspects of a senior’s financial and personal situation to determine the best time to apply and if extra steps are needed to ensure acceptance.
Don’t let nursing home costs wipe out your savings and legacy. Taking preventive steps and legal actions now can secure your future. Contact our office today to discuss your unique situation.
–Kaleem Sikandar, Esq. and Joseph Giambrone, Esq.
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