This type of Medicaid planning occurs after you or a loved one has been admitted into a nursing home or assisted living facility. In crisis planning, your trusted Medicaid lawyers in Columbus can still protect a substantial amount of your assets, but options are more limited due to the immediacy of qualifying for Medicaid long-term nursing care assistance.
If you or a loved one has recently been admitted to a nursing home or assisted living facility, call us immediately. There is no reason to spend-down all your assets to qualify for Ohio Medicaid assistance. Whether planning ahead or crisis planning, there are viable options available to protect thousands of dollars in assets. Call Winkler Legal, your #1 Central Ohio Medicaid Attorney, before you mistakenly start spending down your hard-earned resources.
What are my Options for Paying for Long-Term Care?
The average cost of nursing home care in Ohio is over $85,000 annually. Presently, more than 10,000 baby boomers turn 65 each day, and the demand and cost for skilled nursing home care will only continue to increase. There are several ways to pay for long-term care and Winkler Legal can help determine which path might be right for you with our Medicaid Planning consultations and services. The most common ways to pay for long-term care include:
- Private Pay (Out-of-Pocket): Offers the most control and freedom, however, it can deplete assets very quickly.
- Reverse Mortgage: Uses the equity in your home to pay for long-term care
- Relying on Children and Family: Causes strain on loved ones
- VA Benefits: Veterans and spouses of veterans are eligible for benefits based on financial need and military service
- Long Term Care Insurance: Can be expensive, but is cheaper the younger and healthier you are
- Life Insurance with a Long-Term Care Rider: You pay additional cost for the rider, but receive partial death benefits early to pay for long-term care
- Ohio Medicaid Assistance: Based upon financial need – pays for a significant portion of costs and is the single largest payor of long-term nursing care costs nationally
With knowledge and foresight, we assist our clients in being involved and informed in their unique decision-making process. We offer a wealth of information including videos, detailed blog postings on hot topics, informational articles, and comprehensive seminars to educate our clients. If you have any questions, we offer free consultations to discuss your personal needs.