Free Seminar Feb 21st - Medicaid, Nursing Homes & You

How do I pay for a nursing home? Do I qualify for Medicaid? Can planning ahead save me money? Shepherd Elder Law Group is holding a free seminar February 21st.

The recent downturn in the nation's economy has created a crisis for state Medicaid programs. Do you know the rules? Medicaid is a joint federal and state program that provides payment for medical care for persons unable to afford to pay. Medicaid covers physicians' services, hospital care, supplies and other necessary services once a person has been made eligible for the program. It also pays for the expenses of long–term care in a nursing home.

The Medicaid program is administered independently in each state. While the
basic eligibility standards are the same throughout the United States, there are
significant differences between the state Medicaid programs. Despite these
differences, eligibility is generally based upon the amount of assets a person has along with the income that the person receives. Eligibility is determined at state Medicaid offices and, in the case of married individuals, the assets and income of both spouses are considered in the determination process.

Medicaid is often of importance to middle-income Americans because Medicare does not cover the costs of longterm care for illnesses such as Alzheimer’s disease or paralysis caused by a stroke. Most people who need such care for extended periods will eventually deplete their assets and become unable to pay the costs of their care.

Shepherd Elder Law Group is dedicated to providing solutions for the elderly, the disabled and their families. No matter what your situation, we listen to the needs of our clients and provide information, advice and most importantly, support.

Long-term care costs leave medicaid as the option

If you are not familiar with the term "long-term care," you probably will be soon. Over 10 million people in the U.S. need long-term care today. That number, while shockingly large, is increasing by the day. Use of long-term care is projected to double between 2000 and 2040.

Of these 10 million people who currently need long-term care, 86% receive services in their community and 14% live in nursing homes. Neither care in the community nor care in a nursing home is cheap. The cost of a nursing home stay is quite astounding. Rates are charged daily, much like a hotel. The average cost of a nursing home stay in 2009 was $70,000 per year. Some states are, of course, more pricey than others. The Midwest is significantly less expensive than the coasts, for example. The average cost of a nursing home stay in Missouri is closer to $50,000. Given this data regarding the high cost of a year's stay in a nursing home, it is hardly surprising that two-thirds of older people in the community indicate that they would be unable to pay for even one year of nursing home care.

A substantial portion of older Americans turn to Medicaid to pay for their long-term care. In deed, Medicaid currently pays for approximately half of all nursing home care costs. Qualifying for medicaid is rather straight forward, but daunting: reduce your assets down to $2000 in most states, or $999 in Missouri. Reducing one's assets to $999 translates into impoverishment. There are planning techniques to assist older Americans as they face this challenge. Planning can help avoid bumps and hurdles. The situation of each individual is unique. Become informed. Attend seminars and learn how you can best preserve your assets.

For more detailed information related to the above statistics, see the article from the NAELA JOURNAL - National Academy of Elder Law Attorneys* Volume 5* 2009* Number 2 - entitled "Future Challenges Facing Medicaid's Role As A Provider Of Long-Term Care," by Molly O'Malley Watts, MPP, Judith Kasper, PHD, and Barbara Lyons, PHD.

Written by
Samantha Shepherd, JD
LL.M Estate Planning

Bartle Hall FREE health Clinic

Great opportunity for Kansas City seniors to receive free health care.
Enormous free health clinic planned at Bartle Hall - KansasCity.com