How to Help Your Parents Avoid Losing a Life Savings to a Nursing Home

June 1, 2023

Elder couple estate planning with daughter p42PenrodBlog_May_2 — Do your parents live in their own home Do they enjoy good health an active lifestyle and driving themselves places However have you spoken to your parents about their plans for the future especially if they needed critical nursing care During the month of May both National Elder Law Month and National Older American Month are celebrated During both of these month long celebrations you and your parents could obtain a lot of information and support about aging and planning ahead During National Elder Law Month Florida <a href=httpsfamilyelderlawcomlocationslake wales>elder law attorneys<a> will be out in their communities educating seniors about laws impacting them and the legal documents they need During National Older Americans Month Americans are reminded that the family friends and communities of seniors need to be supportive and protective May is an important month of the year to ensure our aging Florida seniors have the support they need<br><br>So the month of May is a great time for you and your parents to begin planning for their future We highly recommend that your parents reach out to a qualified Florida elder law attorney When your parents meet with their attorney he will know the costs of nursing home care and can advise your parents in regard to protecting their lifetime of savings from being completely used up by the cost of care either in a nursing home or at home <br><br>Below we have three suggestions we would like to share and discuss to help your parents avoid losing their life savings to a nursing home<br><br>1 Begin planning now By planning now your parents may be able to preserve their life savings while planning for the future well in advance of when those plans need to be put into action Encourage your parents to start by meeting with a qualified Florida elder law attorney to begin long term care planning<br><br>2 You need to know the difference between Medicare and Medicaid Were you and your parents planning for Medicare to cover the cost of a nursing home Unfortunately Medicare usually only covers 100 days of nursing home care If your parents as Florida seniors qualify for Medicaid then the Medicaid program in Florida will take over when Medicare benefits are no longer enough Know that Medicaid will cover nursing home costs for qualified Florida seniors for as long as they need it However there is a stipulation Medicaid rules will require Florida seniors to spend down most of their life savings prior to qualifying for the program Also Medicaid will look back over the past 5 years and see what was held in assets and what the income and expenses were during this time period We highly recommend that you meet with a qualified Florida elder law attorney who can assist your parents with all this planning<br><br>3 All <a href=httpsfamilyelderlawcomblogtips ideas and more you need for your florida estate plan in the new year>planning should be 5 years<a> ahead To repeat what was said above Florida Medicaid has a look back period of 5 years A qualified Florida elder law attorney can help your parents plan around this 5 year lookback rule to protect their life savings If the need for this care is on the horizon it may be best to start planning early Your Florida <a href=httpsfamilyelderlawcomlocationslake wales>elder law attorney<a> can work with you to determine the best approach for your mother<br><br>Our office can help guide a family through long term care planning for aging parents and loved ones No matter where you are in lifes journey we can help The most important thing is to protect yourself and those you love Whether you need to update your <a href=httpsfamilyelderlawcomblogwhy adjusting your estate plan after moving to a different state is essential>estate plan<a> are preparing for future long term care needs or have a loved one entering or already in a nursing home we are ready to assist you We have three convenient locations and are ready to serve the communities around Highlands and Polk County Florida Take your first step by contacting us today<br>

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