As the number of older Americans continues to grow, we are dealing with health and legal concerns that most Americans fail to anticipate. Elder law attorneys, who are experienced in estate planning, are also excellent resources in preparing for long-term care, preventing elder abuse, obtaining government aid, and establishing guardianships. Your estate planning should include preparation for old age, including consultation with an attorney.
Government programs such as Medicare cannot be your only safety net. Medicare only covers the first twenty days of nursing home care in full, and part of the cost for another eighty days. Medicare does not cover long-term health care or extended recovery time. Medicaid is designed to assist low-income citizens with medical bills, and will cover long-term care costs. However, individuals with higher incomes do not qualify, and can see their estates vanish given the cost of staying in a nursing home. An estate plan can allow you to relinquish assets over time in order to qualify for Medicaid. This helps you to prevent simply giving up your assets to pay for health care and nursing home expenses.
Medicaid will not allow you to simply transfer your assets immediately before entering a nursing home. You should consult with an experienced lawyer in order to plan ahead for your long-term care needs. It is never too early to consider these possibilities.
If you would like to schedule a initial consultation contact an Iowa estate planning attorney, representing clients in Manchester, Iowa at the Dillon Law P.C. Give us a call at (563) 578-1850 or complete our inquiry form.