Medicaid is a form of insurance that is provided to individuals who meet certain criteria. While there are strict asset and income eligibility guidelines that must be met, there are several asset preservation mechanisms that individuals can use to protect their assets while also remaining eligible for Medicaid benefits. Long term Medicaid benefits refers to the use of this insurance program to help provide for long term medical needs of someone who uses in-home care, assisted living facilities or nursing homes.
At Hammond and Associates, our experienced elder law attorneys can help individuals navigate the complex world of Medicaid and long term care planning. We work diligently to protect the hard-earned assets of our clients to the maximum extent of the law.
When you need help with Medicaid or learning about how to protect your assets, contact the elder law attorneys at Hammond and Associates.
Long Term Care Needs
The U.S. Department of Health and Human Services estimates that approximately 70 percent of people aged 65 or older will require some type of long term care. This number jumps to a distressing 91 percent when concerning a couple who are both aged 65 or older. Current estimates place the median cost of nursing home care in a private room in Maryland at $110,230. Since the average stay is three years, many families are tasked with paying for care that is over a quarter of a million dollars.
Elderly individuals do not want to leave their loved ones to shoulder such a burden. When contemplating the payment of such exorbitant costs, it is important to consider all available options. Such options may include:
Long Term Care Insurance
This insurance product helps pay for the costs associated with long term care. It does not provide for the payment of general healthcare needs and is instead specific to long term care needs. Some policies provide for the payment of services received in a nursing home while others allow for greater flexibility and cover in-home treatment or the cost to stay at an assisted living facility. While the premiums for someone who is in their fifties and healthy are usually quite reasonable, many individuals fail to take this option into consideration until after the need arises. Sometimes when this occurs, an insurance company may not underwrite a policy if it is expected to be used shortly after the payment of the first premium. Also, this insurance policy may not cover all of the expenses associated with long term care.
Medicare and Health Insurance
Medicare or other health insurance coverage may provide some assistance regarding the payment for long term care. However, this is often for a short duration such as 30 days. Specifically, Medicare does not provide for non-skilled assistance to help individuals with Activities of Daily Living.
Medicaid is relied on by millions of individuals to help pay for long term care needs. Our attorneys can also provide advice regarding asset protection and implement a plan to maximize benefits and preserve assets.
Help with Applying for Medicaid in Maryland
Individuals who require assistance with applying for Medicaid in Maryland can contact the elder law attorneys at Hammond and Associates. Our attorneys can help complete the application right the first time and explain the requirements to our clients. A typical application results in a decision within 45 days, providing peace of mind of knowing that this pivotal resource is in place.
Contact us online or call us at 301-861-4555 to discuss your options and to get started on your Medicaid application.