Nobody expects to run out of money during their lifetime. However, those families confronted with a long term care need are often faced with the financial devastation that comes with the high cost of care.
At NJ Elder Law Center at Goldberg Law Group, we have witnessed the ripple effects of one or both parents suffering with the infirmities brought on by old age. Therefore, we have developed methodologies to prepare families for eventual Medicaid filings and share our knowledge of the long term care system so that our clients may make a seamless transition from private pay to Medicaid.
Medicaid Planning includes: preservation of capital, spend down options, MedExplore, guidance on care options, liaison with other elder care professionals, and crisis intervention.
Nearly half of all American women, and 25 percent of American men, will find themselves in nursing homes at some point in their lives. Given that nursing home care in New Jersey averages between $9,000 and $14,000 a month, and that Medicare will not pay for nursing home care, it is hardly surprising that two-thirds of families exhaust their savings within one year of moving into a nursing home. Even residency in an Assisted Living Facility may exhaust many families’ savings. In New Jersey, Assisted Living Facilities cost between $3,500 and $7,500 per month.
This does not mean you are destined to go broke if you or a loved one requires care in nursing home or Assisted Living Facility. We can help you qualify for assistance from Medicaid, Veterans Benefits and other sources, allowing you to protect most if not all of your assets. You should know that obtaining Assisted Living Medicaid benefits is very complicated, but it is possible with the help of an elder law attorney. In sum, the legal tools we can put to work on your behalf allow you to prepare in advance for the possibility of a nursing home stay, or preserve your assets in a Medicaid crisis.
Serving New Jersey, New York, Pennsylvania, and Colorado