Many people are shocked to find that Medicare, Medicare Advantage, and other insurance does not typically cover nursing home care. If you need to go into a nursing home when you get older and you discover that your care costs are not covered, you could lose your entire life savings. Making a plan to prevent this is just one of many services an elder law attorney can provide for you.
Just like many are unfamiliar with the need for Medicaid planning, most people also do not know exactly what an elder law attorney does. It is commonly believed elder law attorneys help only seniors or help only the wealthy. Neither of these things are true. Elder law attorneys can help everyone, from those who are concerned about what will happen if they pass away when they have young children to seniors who are worried about making their retirement money last.
When you are making any financial plans or plans for your future, you should talk with an elder law attorney for help. Thompson Law, PLLC. is here to assist you. Give us a call to find out about the services our Sioux Falls elder law attorneys can provide to you, and to get answers to questions you have about elder law including:
- What do elder law attorneys do to help?
- What is Medicaid planning and why do I need help with it?
- How can a Sioux Falls Elder Law and Medicaid Planning Attorney Help?
What do Elder Law Attorneys Do To Help?
Elder law attorneys help you in many unexpected ways that can be vital to achieving a more secure future for yourself and your family. An elder law attorney can help you to:
- Make a retirement plan that includes using IRAs to get tax breaks and that includes taking steps to protect your growing nest egg.
- Making plans for the care and financial support of your children if you pass away and they have not yet reached adulthood.
- Planning ahead for incapacity so you can maintain as much control as possible by choosing who makes your decisions and manages your assets when you no longer can, rather than leaving this important issue in the hands of the court alone.
- Making an estate plan or legacy plan so you can change your family’s future by providing wealth that lasts through the generations and so you can make a difference to the world by supporting causes you care about.
You do not need to be rich to need the services of an elder law attorney, and you do not need to be an elderly person for these issues to matter to you. If you care about your autonomy, your assets, or your family, you need to get the types of legal help that an elder law attorney provides.
What is Medicaid Planning and Why Is it Necessary?
One of the most important things an elder law attorney does for clients is help them to make certain nursing home care can be paid for if care is temporarily needed or if care is needed over the long-term.
Private insurance, Medicare and even Medicare Advantage plans are probably not going to cover your nursing home care unless you need a very specialized kind of care for only a brief duration. Without insurance, you’re facing bills totaling thousands per month, and your life savings will be spent quickly.
Medicaid does pay nursing home bills, but only for people who have spent down their wealth and who have very limited assets. The good news is, by making a Medicaid plan, you can structure ownership of assets so you do not lose your wealth. If you want to protect the maximum value of assets, it is important to talk with an attorney at least five years prior to the time you’ll rely on Medicaid to pay for your care, because of the rules of the Medicaid program.
How can a Sioux Falls Elder Law and Medicaid Planning Attorney Help?
A Sioux Falls elder law and Medicaid planning attorney at Thompson Law, PLLC. can provide you with invaluable assistance with planning for your future. Give us a call at 605-362-9100 or contact us online