The cost of nursing home care in Indiana often varies depending on where the facility is located. Some estimates place the average daily cost of nursing home care in the state at $215 per day, which can rack up costs in excess of $78,000 a year. Other sources estimate an average monthly cost of $4,100 which would be nearly $50,000 a year. For many people who find themselves in need of nursing home care, the annual costs of nursing home facilities is simply just too much for them to afford.
If you are expecting Medicare to pay for nursing home care — think again. While Medicare will pay 100% of the cost for up to 20 days after a qualifying hospital stay, you will have to pay about $170 out of pocket for days 21 through 100. After that, you are on your own.
As more and more individuals and families find themselves in need of skilled nursing care for the long term, even more are finding out just how difficult it is to pay for reliable nursing home care. Luckily, Medicaid crisis planning may be a viable solution.
Vick Law, P.C. is here to help clients in Greenwood, Indiana, and individuals and families from Indianapolis to Martinsville — including those in Plainfield, Bargersville, and Franklin, Indiana. Vick Law, P.C. is here to help clients understand their rights so that they can take advantage of Medicaid coverage for long-term skilled nursing care. If you need coverage right away or in the near future, call or reach out today to receive reliable legal guidance and support.
Medicaid crisis planning is a process designed to help individuals and families determine how to become eligible for Medicaid coverage, specifically if you need nursing care immediately or within a short period of time.
Perhaps you suffered a stroke for which you were hospitalized, and you now have to be transferred to a nursing facility. Your doctor has advised that you will never fully recover enough to live on your own and has recommended nursing home care. After Medicare pays all or some of the cost for the first 100 days, you will be responsible for paying 100% of the costs of your care after that.
Or maybe you have a loved one who has been diagnosed with Alzheimer’s or another type of dementia and you know they will not be able to live safely on their own. You know your loved one can’t cover the costs on their own, and you do not want your family to bear the burden of paying for their care either. If you find yourself in this situation, or in similar circumstances, it’s important to understand how Medicaid crisis planning can offer a solution for you and your family.
There are a number of misconceptions about becoming eligible for Medicaid with regards to paying for nursing home care. Some of the most common misconceptions include the following:
It’s never too late to take the necessary steps to become eligible for Medicaid. Doing so can help you pay for skilled nursing care while preserving your own financial well-being. Although it is possible to pre-plan for Medicaid eligibility, there are also options for crisis planning in the event that you unexpectedly need help.
No one has too many assets to qualify if those assets are distributed appropriately. The value of your assets merely determines the length of time you will need to use them to pay for nursing home care before you will be eligible for Medicaid. Moreover, certain assets, such as your home and car, are exempt from the tally of assets determining eligibility.
Failure to disclose assets on a Medicaid application is illegal — however, there is no need to hide them. It is legal to give 40-50% of your assets to specified beneficiaries and then spend down the remaining assets to qualify.
The nursing home perhaps will not complete and submit your application. In fact, because the nursing home benefits from your ability to pay for care before you become Medicaid-eligible, you really do not want them to handle this responsibility for you. You should have an experienced attorney work with you to protect your best interests during the process of crisis planning.
Medicaid has asset and income limits for the individual receiving care. If married, a spouse also requiring care has limits as well. If the spouse is not also in a nursing home, they can keep a portion of the marital assets while not disqualifying the spouse who requires care.
Prior to submitting a Medicaid application, you can give away 40-50% of your assets to your beneficiaries and have them sign promissory notes for loans for the other half of your assets. Your initial Medicaid application will be denied after making these gifts, however, you can then calculate how long you will need to pay for nursing home care from the loaned assets before you will qualify for Medicaid.
This calculation involves dividing your total remaining assets by the monthly cost of nursing home care to determine the length of time your loaned assets will pay for care. When they are exhausted, you will need to re-apply for Medicaid and be approved.
There is also an equity limit on the value of your home, even though it is not subject to the asset calculation. If the equity exceeds the limit, Medicaid may be able to recover the excess in repayment during the probate process following your death. A skilled elder care attorney may be able to help you avoid repayment through the gifting process or other strategic legal avenues.
If preserving and protecting your assets for yourself and your loved ones is important when you find yourself facing the expense of long-term skilled nursing care, you will need a knowledgeable elder care attorney to help you execute strategies that will make you eligible for Medicaid. You don’t want to watch a lifetime of building your assets completely disappear while paying monthly nursing home bills.
For years Vick Law, P.C. has been working with clients in Greenwood, Indiana, and the surrounding area to help them understand their options and qualify for Medicaid crisis planning so that they can receive the assistance they need. If you or someone you know is looking for reliable legal guidance, don’t wait. Call or reach out to Vick Law, P.C. today for help.
Vick Law, P.C., advocates for the best interests of clients in Greenwood, Indianapolis, Martinsville, Plainfield, Bargersville, Franklin, and other Indiana communities. There is a right way and a wrong way to become Medicaid eligible. Vick Law, P.C. is here to guide you through the process step by step. It is never too late to begin, so call or reach out today to discuss your options. Any crisis requires immediate attention, so call today to receive the help you need!