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TWILIGHT YEARS
When retirement planning crosses your
mind, you probably think about the good
times that lie ahead.
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If you accumulate enough
resources, you may be able to live
your retirement dream.
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Many people who require long-term care
will eventually reside in nursing homes.
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The United States Census Bureau
tells us that 24.5 percent of people
who are at least 85 are nursing
home residents.
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Half of people who are at least 95
are residing in nursing homes.
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If you are thinking that most people
do not live until they are in their
mid-eighties and beyond, you
should understand the facts.
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The life expectancy for someone
who is turning 67 today is at least
85.
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Genworth Financial has been conducting an
ongoing study that provides a great deal of
information about nursing home costs.
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We practice law in Annapolis,
Bowie, Millersville and Waldorf, MD.
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According to the study, the median
charge for a year in a private room
in Maryland is over $110,000.
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Medicaid is another government
health insurance program that does
pay for nursing home care.
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This is the good news, but the bad news is that
you cannot qualify if you have more than $2500
in countable assets in your own name.
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However, you have to act in
advance if you want to become
eligible at the ideal time.
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You have to complete your gift
giving at least five years before you
apply for Medicaid.
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If you violate this rule, your
application will be denied at first,
and you will have to pay out-of-
pocket for a certain period of time.
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Careful, informed planning is the
key to nursing home asset
protection.
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If you would like to discuss things
with a licensed elder law attorney,
contact us to schedule a
consultation.
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Or visit our website
www.sinclairprosserlaw.com
Nicole Livingston
Jon J. Gasior
Colleen SinclairProsser
Victor A. Lembo