Medicaid and Long-Term Care Planning: What You Should Know

Long-term care planning, and Medicaid planning, are important tasks for most adults in Gwinnett County, especially when you could reasonably need long-term care even for a brief period of time within the next couple of decades. There are many misconceptions about Medicaid and long-term care planning related to elder law and older adults in Georgia, and it is important to have a clear understanding of what Medicaid and long-term care planning involve, as well as who should engage in this type of planning and how an attorney can help. Consider the following information, and do not hesitate to get in touch with our Gwinnett County estate planning and elder law attorneys for help.

Why Medicaid Planning with Long-Term Care Planning? 

Long-term care planning is something that you should discuss with your estate planning and elder lawyer in Georgia, and it can have many components. For some individuals and couples, long-term care planning involves considering different long-term care insurance options with an attorney’s assistance, as well as making plans to protect certain assets while still being able to pay for care. Part of that process, for most Georgia residents, should involve Medicaid planning.

You might be thinking you will not need Medicaid to pay for long-term care since you have always earned too much money to be eligible for Medicaid. The calculations, however, are different once you become an older adult. For most seniors, it is critical to have Medicaid pay for nursing home care while protecting assets from Medicaid given the very high prices for nursing homes. According to the Georgia Attorney General’s Consumer Protection Division, the median cost of a semi-private nursing home room was $7,011 per month in 2021. That number has very likely continued to rise, and the cost for a private room has always cost more. And Medicare does not cover these costs.

Who Should Plan for Long-Term Care? 

Anyone in their 40s or 50s, as well as older adults, should certainly discuss long-term care planning (and Medicaid planning) with their estate planning lawyer in Norcross. Even though someone who is currently in their 40s or 50s may not need long-term care for some time, planning ahead can make the process significantly easier. Once you are older and require long-term care in the near future, your options may be more limited.

How an Attorney Can Help with Long-Term Care Planning 

Your estate planning and elder law attorney can assist with long-term care planning in a range of ways, including but not limited to:

• Guiding you through long-term care insurance options;
• Explaining Medicaid eligibility and “spending down” requirements;
• Discussing asset-protection strategies to become eligible for Medicaid; and
• Planning to protect assets that you want to leave to your loved ones while still ensuring your eligibility for Medicaid coverage for long-term care.

Contact a Norcross Estate Planning Attorney 

Do you have questions about including long-term care planning with estate planning? An experienced Norcross estate planning lawyer at Bowman Law Firm can speak with you today about your specific circumstances, your options in Georgia, and how we can assist you. Contact our firm to learn more about the elder law and estate planning services we provide.

Sources:

aspe.hhs.gov/reports/what-lifetime-risk-needing-receiving-long-term-services-supports-0

consumer.georgia.gov/long-term-care