Long-term care costs in Pennsylvania are astoundingly high -- and they keep growing higher. Paying for assisted living arrangements and skilled care nursing homes for an extended period of time can utterly devastate a couple's entire retirement nest egg, and leave nothing for the next generation to inherit. Most everyone is simply unprepared to absorb the costs unscathed.
Some certainty and peace of mind can be realized for those who purchase long-term care insurance. But many Americans cannot afford it. Or worse yet, they simply cannot qualify because of a preexisting condition.
If you are fortunate enough to have already purchased long-term care insurance, or are in a position to purchase it now, make sure you fully understand what's covered and what's not. Know your deductible, and understand the "daily benefit" limits and length of coverage.
The other option to pay for care is Medical Assistance or "Medicaid." It is a joint federal-state program, providing assistance to seniors below certain asset limitations and income limitations. These eligibility requirements are often complex to understand and increasingly restrictive (particularly after the enactment of the Deficit Reduction Act of 2005). Multiple rules covering look-back periods, transfer penalties, and characterizations of assets as "available," "unavailable" and "exempt" must be analyzed and planned around.
My Pennsylvania law office has the experience and the expertise to help avoid the financial ruin associated with the high cost of long-term care. Contact me today to start the process of understanding the issues surrounding Medicaid eligibility and to implement the planning and application process.
Serving Allegheny County, my law office represents estate planning and elder law clients from Pittsburgh, Mt Lebanon, Mt Oliver, Green Tree, Dormont, Baldwin, Carnegie, Crafton, Ingram, Thomburg, McKees Rocks, Reserve Township, Shaler Township, Bellevue, Ross Township, Glenshaw, Millvale, Sharpsburg, Aspinwall, Homestead, Wilkinsburg, Edgewood, Fox Chapel, Sewickley, Coraopolis, Squirrel Hill, Oakland, Point Breeze, and Shadyside. The Pennsylvania Law Office of Jeremy M. Nicholas focuses on Pennsylvania estate planning, wills, trusts, estates, probate administration, trust administrtation, pet trusts, medical assistance planning, Medicaid planning & eligibility, elder law, and transactional law. Attorney Jeremy Nicholas is a local estate planning attorney, trust attorney, probate attorney, asset protection attorney, Medicaid attorney, pet planning attorney, and elder law attorney.