Nursing home or long-term care is often very expensive, and few people have any sort of long-term care insurance to help cover the cost. When a family needs to arrange for long term care for an elderly person, they are often told that they need to nearly exhaust their life savings and assets in order to pay for this care. This can make life difficult for that family’s future and can really throw a wrench into retirement planning and other financial goals. That’s why it’s so important to understand Medicaid planning. Medicaid is one of the main sources of payment for long term care in the U.S., but the laws that regulate how and when this payment can be used are complex and are always changing as well. For this reason, the smart thing to do is to speak with a Medicaid planning lawyer about options for covering long term care costs.

Paying for Long Term Care

Long term and nursing home care are very expensive. A place in a semi-private room in a nursing home can easily cost over $7000 a month. Medicare does not automatically pay for this type of care, and the rules that govern it show that it wants people to pay with their own assets first before using it. This can easily wipe out a family’s entire life savings in a very short time. A skilled Medicaid planning lawyer can offer you various options to help prevent this from happening. This type of planning may involve trusts, spousal transfers, annuities, and many other options, and it can become incredibly complex. The best way to approach this type of planning and to protect your financial assets is to sit down with an experienced Medicaid planning lawyer and discuss your unique financial situation to find an effective method of asset protection.

Call to Schedule a Consultation With a Kentucky Medicaid Planning Lawyer Today

If you or a loved one are in need of long-term care or if you simply want to plan ahead for this eventuality, call to schedule a consultation with a Kentucky Medicaid planning lawyer today. The legal professionals at The Jaeger Firm understand the complex and dynamic laws and regulations that govern Medicaid and can help you plan for covering long term care costs that may arise in your future. For more information, contact The Jaeger Firm at 859-342-4500  and speak to one of our legal experts. We serve the cities of Erlanger, Edgewood, Union and surrounding Kenton County and Boone County communities and we are dedicated to serving you.