Nearly 70% of Americans over the age of 65 will need some form of long-term care—and for many, that means a nursing home stay. With the average cost of nursing home care now exceeding $8,000 per month, even a short stay can quickly drain a lifetime of savings.
Many families are shocked to learn that qualifying for Medicaid—the government program that helps cover long-term care costs—is far from simple. Strict income and asset limits apply, and even once approved, the state may attempt to recover benefits paid from the individual’s estate after death.
At Hannam Law we help families navigate these challenges with two key planning approaches:
Advance Planning
With enough lead time, we can help protect your assets through strategic transfers and trusts. By planning at least five years before nursing home admission, you can preserve your wealth while still qualifying for Medicaid when the time comes.
Crisis Planning
Even if a loved one is already in a nursing home or needs care soon, it’s not too late. Our attorneys guide families through the Medicaid “spend down” process by converting countable assets into exempt ones—such as irrevocable funeral or burial plans, a new vehicle, or necessary home improvements—allowing for quicker Medicaid eligibility while preserving value for the family.
Don’t wait until it’s too late. Whether you’re planning ahead or facing a care crisis now, Hannam Law’s experienced elder law team can help you protect what matters most.
The preceding article is for information purposes only and is not intended to be legal advice. For help with planning for nursing home care, contact Hannam Law today for a consultation.