Long-term care, should you require it as you age, is a significant expense. Depending on where you live, the cost of a skilled nursing home can be well over $100,000 a year or more, and this is for a semi-private room. Medicare only pays under certain circumstances and in limited amounts, which surprises most Older Americans and their loved ones to learn. Further, if you have savings and investments, you might not qualify for the public benefits programs that can help you pay for the care you need such as the Alabama Medicaid program.
If you have not thought too much about long-term care, you are certainly not alone. Even if you are well-off enough to think you do not really need to put money aside for such costs, you do not know what is going to happen in the future, and most families cannot accurately predict how much it is going to cost.
A study published by theDepartment of Health and Human Services shares that 48 percent of all Americans over the age of 65 will need long-term care outside the home for up to one year. Nineteen percent will need it for up to 24 months, and more than 21 percent between two and five years.
For most of us, we want to create an estate plan that is focused on two main aspects:
Lifetime protection, which safeguards you and your assets should you be in a crisis and need a decision maker with legal authority to act.
Creating a legacy that will live on with your family members after you pass.
There are many ways you can start to address long-term care needs in your estate plan when you work with an elder law attorney. Your elder law attorney can provide a comprehensive strategy that addresses all of your health and legal needs, assuring you of the best possible care and protection should you need it. Long-term care planning can be incorporated into your overall estate plan so that it includes lifetime protections that contemplate a potential need for custodial care when you discuss your concerns with your attorney.
When we are healthy and in our prime, we do not often think about the big “what ifs.” Long-term care, as well as the threat of critical illness, is generally the last thing on our minds, even if we already have an estate plan in place. Most people think of estate planning as something that settles your affairs after you are gone, but know that it can also help you live better in life. Estate plans that consider long-term care will protect your assets and can ensure your legacy is intact should you need to be in a nursing home for any length of time.
We know this blog may raise more questions than it answers. Do not wait to contact our law practice to schedule a meeting to discuss your concerns today, or any time in the future.
Do I Have to Wait 60 Months to Qualify for Medicaid?
One of the most frequent questions that I get as an elder law attorney when someone’s trying to apply for Medicaid to get in a nursing home, is, “Do I have to wait 60 months to Qualify for Medicaid?” And the answer is, “No.”
The Medicaid Look Back Period is Different from the Medicaid Penalty Period
60 months is simply the look-back period, or the amount of time that Medicaid looks back to see if you’ve given any assets away or if you have sold assets for less than fair market value. So, when you file the application, you have to meet the financial requirements which I’ll address in another video. But once you meet those financial requirements then Medicaid is also going to look back 60 months to see if you’ve given away any assets during that time.
If you have given away assets during the past 60 months, then they’re going to penalize you based on the amount of money that was given away. The penalty period is determined by the amount of money you gave away divided by a divisor that is put out by Medicaid. The Medicaid look back period of 60 months is the same for everyone. The penalty period is different for everyone. However, there is no Medicaid 60 month rule that says you have to wait 60 months to apply for Medicaid. Most of our clients don not wait 60 months. We even have clients who are already in a nursing home and we can help them protect some of their assets.
if you have any other questions, watch the other videos or give us a call 256 472-2172. I look forward to meeting you.
One of the most frequently asked questions I get as an Elder Law attorney is “Will the Government Pay for My Nursing Home Expenses?” There are government programs that will pay or help pay for long term nursing home care but Medicare is not one of them. Medicaid does pay for nursing home care but there are very strict income and asset limits to qualify. The biggest and most costly mistake that people make is not getting information about how they can qualify for Medicaid. Watch this video to learn more. If you have a loved one in a nursing home or going to a nursing home, let us help you. Give us a call at 256 251-2137.
We know that you and the Alabama seniors you love may have concerns right now. We also know that uncertain times can put all of us on edge. Often, even when we are inundated with information, the right knowledge from a trusted source can put our minds at ease. We can no longer ignore the fact that the COVID-19 virus (coronavirus) is spreading at an alarming rate around the world. Even with its unprecedented spread, however, there are still many precautions that we can take right here in Alabama to protect you, as well as your loved ones.
By now we are all familiar with the most popular precaution which has been shared by the various health authorities around the world:
Make sure that you properly wash your hands!
What does it mean to “properly” wash your hands? This means meticulously cleaning your hands for at least twenty (20) seconds with soap and water, or an alcohol-based hand rub. You may find it interesting to learn that, according to the FDA, “the benefits of using antibacterial hand soap have not been proven.” Washing your hands remains one of the best preventative measures that you can implement to safeguard yourself and your elder loved ones. In addition, according to the World Health Organization (WHO) washing your hands helps to kill viruses that may be on your hands.
1. Maintain social distancing. Maintain at least 1 meter (3 feet) distance between yourself and anyone who is coughing or sneezing. This one is especially important because it is easy to breathe in the droplets of someone who is suffering from the COVID-19 virus. This is true for most viruses like the flu.
2. Avoid touching eyes, nose and mouth. Remember, especially for our younger loved ones, touching many surfaces can cause you to pick up viruses. WHO states that, “once contaminated, hands can transfer the virus to your eyes, nose or mouth. From there, the virus can enter your body and can make you sick.”
3. Practice respiratory hygiene. How do you practice respiratory hygiene? Cover your mouth and nose with your bent elbow or a tissue when you cough or sneeze. Dispose of the used tissue immediately.
4. Help “at risk” loved ones limit interactions with those who may be infected. First, understand who may be at risk using this article we want to share with you. Although social isolation can be hard, help these individuals try to make informed decisions about where they truly need to be. Routine check up? Maybe postpone it until the virus is under control as very ill people could be in the waiting room. Although these decisions are up to you and your family, think about how to best keep everyone’s health intact.
Another important precaution that can help everyone around you is to stay home if you feel unwell. Further, if you have a fever, cough and/or difficulty breathing, do not wait to seek medical attention. Be sure to call your healthcare provider in advance, if you can.
The last tip we will share is also extremely important as we continue to battle this deadly virus. Make sure that you stay informed and follow any advice given by your healthcare provider. Do not rely simply on the news or secondhand information. Staying up to date can arm you with the right information to make the best decisions for yourself and your loved ones.
If you would like to learn more about how you can protect yourself and your loved ones check out this WHO article that goes into detail about preventative measures that we can follow in the fight against COVID-19. Know that we are here for you, both now and in the future. Do not hesitate to contact our law practice to learn more about how to protect and advocate for yourself and those you love.
Even though February and Valentine’s Day is over, the threat against Alabama seniors continues to be on the rise. In fact, did you know that scammers and cyber criminals often target senior citizens when perpetrating financial crimes? Online senior scams have become so prevalent that they are considered “the crime of the 21st century.”
Why? There are several different factors. Older Americans are believed to be more vulnerable, are known to often have large amounts of money in accessible accounts, and the internet makes it easy for bad actors to find them, and fool them. To make matters worse, scammers tend to target seniors when they are most vulnerable. Valentine’s Day demonstrated to us, again, just how aging adults suffering from loneliness and social isolation are at elevated risk.
How can you protect yourself as a senior? Or a senior that you love? Let us share nine tips you may use to avoid a “lonely heart” senior scam.
1. Online cyber criminals looking to execute romance scams are likely looking for older victims on social media, online dating or friendship websites. Be cautious of anyone you do not know who contacts you online. What you see may not be who you are really dealing with.
2. Here is a golden rule: Seniors should always be suspicious whenever someone online attempts to gain their trust and affection if they have not met in-person.
3. Older Americans, or anyone for that matter, should never provide their personal information or send money to someone who tries to convince them to do so on social media, email or any other online forum if they do not already know them in their off-line lives.
4. Be extremely cautious if someone you meet on social media, like Facebook, wants to quickly move to a private form of communication such as text or email.
5. Never send intimate photos or videos of yourself. A scammer may use them to try to blackmail or embarrass you.
6. If you do plan to meet someone you met online, which is generally not a good idea, then make sure to tell your family, friends, and caregiver. Bring someone with you and meet the person in a public place.
7. Scammers often work on several victims at once. If they address you by the wrong name, it may be a telling sign that something is wrong.
8. If you think you are in contact with a potential scammer, tell family, friends, caregivers and neighbors immediately about your experience. Do not let embarrassment get in the way of protecting yourself.
9. If you believe you have fallen victim to a Valentine’s Day romance scam, it is never too late to call the police and your appropriate financial institution. Let them know what happened so they may get involved and protect you.
We know this blog may raise more questions than it answers. We want you not to wait to learn more about this critical issue facing all of us, but most importantly Alabama seniors. Remember, being prepared is the best defense you can have in place. We encourage you to schedule a meeting with an estate planning and elder law planning attorney so you may create the tools that can protect you now, and in the years to come.
