Choosing a nursing home can be quite the task since there are several things to be considered before making a final decision that benefits the patient, the family and the patient’s financial situation. Nursing home care is not a decision you or your family want to be forced to make suddenly in an emergency situation. Having to make a decision hastily due to poor planning can be detrimental. However, the detriment can be avoided with proper planning by Pyke & Associates, P.C.
Nursing home planning will help protect you from having to use your private assets to pay for nursing home care. It also provides you with an opportunity to choose which nursing home is best for you and your situation. Planning ahead is key when it comes to your future care. The sooner you create your plan, the better off you will be.
Would you like to have peace of mind knowing that your assets won’t be eradicated on nursing home care costs? If you answered yes to that question, then give Pyke & Associates, P.C. a call today to get started on your personalized plan.
You may also be asking questions such as:
- What is involved in nursing home planning?
- Is nursing home planning for me?
- How can Pyke & Associates, P.C. help with my nursing home planning needs?
We are asked those questions frequently, and we are here to answer them for you.
What is involved in nursing home planning?
One of the most vital steps in nursing home planning is to determine whether the costs of care could be paid for by Medicaid. For most individuals, Medicaid serves as the only source of funding to cover nursing home costs. Medicaid eligibility may allow you to avoid covering those costs with your personal funds. Medicare and private pay insurances will cover nursing home care only for limited periods of time while skilled nursing is being practiced. Unfortunately, Medicare and private pay insurances are not going to cover the type of nursing care most people require, which is called custodial care. Custodial care in a nursing home can costs thousands of dollars per month, and can be required indefinitely until the patient passes away. Unless you qualify for Medicaid, you will have no choice but to pay out-of-pocket for the cost of care. Medicaid is based on the needs of the individual applying. Most people don’t qualify for Medicaid right away because providing a list of resources is required to determine eligibility. In order to qualify for Medicaid, some people have been forced to spend their own money and sell their property until their resources reflect a significant enough decline for them to qualify. This doesn’t have to be you.
One of the great pieces to the nursing home planning process is that you have the opportunity to change the way your assets are owned, therefore, not counting as a resource that would disqualify you from receiving Medicaid. By doing this, you can protect assets to assist you in qualifying for Medicaid coverage right away when you require nursing home care.
Pyke & Associates, P.C. can also provide you with an Elder Care Resource List. The resources contained in that list can help facilitate research into nursing homes. This will be helpful in finding a facility that will provide you with the highest level of care. We will also assist you in making additional plans to protect yourself in case an onset of illness or injury leaves you incapacitated. One of the most common examples of protection is creating a Power of Attorney (POA). A POA will allow you to vest authority in a trusted individual to manage your assets, affairs, etc. Your POA will even be able to make decisions on your behalf in the event you become incapacitated. This person will also be able to sign nursing home admissions paperwork on your behalf in the event you become unable to do so.
Is nursing home planning for me?
The simple answer – YES. Nursing home planning is something every person should consider. No one knows when they will be obligated to go into a nursing home facility. You may be forced to go into a nursing home after a medical diagnosis or after an injury leaves you unable to live by yourself. You may be involuntarily sent to a nursing home after a stroke, broken hip, dementia – the list goes on. Do not let this be a financial tragedy for you or your family. It is in your best interest to have a proactive plan regarding your nursing home care.
Your nursing home plan should be in place long before your need to initiate the care. Medicaid looks back five years to determine if assets were transferred. These asset transfers are compulsory to the piece of the Medicaid planning process that protects your assets. If the asset transfers are not completed at least five years in advance, you could be temporarily disqualified from obtaining Medicaid coverage. Not being able to obtain Medicaid coverage right away will require that you pay out-of-pocket to the nursing home until you qualify for coverage.
How can Pyke & Associates, P.C. help with my nursing home planning needs?
Pyke & Associates, P.C. has helped many clients in Atlanta, Peachtree City, Stockbridge, and surrounding areas. Don’t hesitate. Contact us today at 770-507-2500 or online at www.cpyke.com to discover what Pyke & Associates, P.C. can do for you. It is our pleasure to serve you.