Elder care law firms help people who are serious about preparing for the eventualities of aging. Pragmatism is key, and you have to confront some circumstances that can be quite challenging if you want to be optimally prepared.
Everyone has heard of Alzheimer’s disease. Though there is such a thing as early-onset Alzheimer’s disease, it is relatively rare. For the most part, Alzheimer’s is a threat to senior citizens.
How common is Alzheimer’s disease? The statistics may surprise you. A good source of information about Alzheimer’s disease is the Alzheimer’s Association website. According to their research, one out of every eight seniors is an Alzheimer’s sufferer.
This is a noticeable percentage, but the likelihood of contracting Alzheimer’s disease increases as you get older. The Alzheimer’s Association states that up to 45 percent of people who are at least 85 have contracted Alzheimer’s disease.
Most people are aware of the fact that Alzheimer’s causes dementia, and people who are suffering from dementia often require nursing home care.
Nursing home care is extremely expensive. We practice law in the state of California, and depending on the facility, it can cost over $100,000 to spend a year in a nursing home in our state. People sometimes spend multiple years receiving care, so the overall expenses can be devastating.
Medi-Cal is a solution for many people. This is California’s version of the Medicaid program that is offered nationally.
Medicare does not pay for long-term elder care, but Medi-Cal will pay for a stay in a nursing home if you can qualify.
However, there is a $2,000 limit on countable assets, because Medi-Cal is a need-based program. If you give assets to family members in an effort to obtain eligibility after you find out that you need nursing home care, you will wind up paying out-of-pocket if you have resources in your own name.
This is because of the 30 month-look back. You are penalized and your eligibility is delayed if you give gifts within 30 months of applying for Medi-Cal coverage.
Because of this book-back, advance planning is key. If you act at least 30 months before you actually need nursing home care, you would be able to gain eligibility for Medi-Cal coverage in a timely manner if you ultimately require living assistance.
Medi-Cal Planning Consultation
Our firm is very committed to elder care planning. Without question, Medi-Cal eligibility is a key element.
If you act in a measured and informed manner, you may be able to qualify for Medi-Cal if and when you need it without losing anything in the process.
We would be glad to assist you if you would like to discuss things with a licensed professional. To set up a free consultation, send us a message through this page: Campbell CA Elder Care Planning.