One of the greatest fears faced by aging Americans is that they may need a lot of care at home, in an assisted living or in a nursing home. This not only means a great loss of independence; it comes at a tremendous financial price. Nursing homes in Volusia and Flagler County cost over $100,000 a year.

Most people tragically end up paying for elder care out of their life’s savings until they are broke. Then they apply for Medicaid to pick up the cost. The advantage of paying privately is that you eliminate or postpone dealing with Florida’s bureaucracy–an often difficult, confusing, frustrating, and time-consuming process. The disadvantage of paying privately is that it’s expensive. People of ordinary means could lose everything that they have scrimped and saved to the nursing home.

Careful planning, though, especially in advance of an unanticipated need for care, can help protect your hard-earned savings, whether for yourself, your spouse, or your children. This is done by taking steps to make sure you receive the benefits to which you are entitled under the Medicare, Medicaid, and Veteran’s Administration programs.

Those that plan when they are not in immediate need of long-term care usually protect all of their life’s savings and quickly qualify for Medicaid benefits. Those that wait until they are facing long-term care costs might protect some of their life’s savings, but others may not be able to save anything. Don’t hesitate to contact our office with any questions you may have.