Prior Planning for Long Term Care Costs

Question:    I am interested in doing Medicaid planning for potential future long term care costs, but I don’t know for sure that I’ll even need skilled nursing care or long term care.  Should I start the Medicaid planning process ahead of time or wait until I need the nursing home care to make the plans?

Answer:    Generally anyone who feels they have inadequate assets to pay for skilled nursing care should consider planning in advance.  Skilled care costs average approximately $8,000 a month in Sarasota County.  Because there is a 60-month look back period, there are risks to waiting until a crisis hits to plan for Medicaid.  It is more advantageous to make an appointment with an elder law attorney to evaluate your situation, income, and assets at the outset of a gradual condition that may cause you to eventually need long term care.  Babette Bach is a Florida Board Certified Elder Law Attorney and an expert in public benefits and asset protection planning.  Call Bach & Jacobs today to make an appointment for a consultation with her.