Since 1960, life expectancy rates in America have risen over most years. While there are certainly fluctuations on occasion, the fact is that people are living longer than they did in the past. Of course, many of us will find it difficult to continue working past a certain age. This can prove detrimental at a time when medical expenses and other costs start to rise dramatically. Fortunately, a long-term care planning lawyer in Tampa can help you prepare.
At Decker Legacy Law, LLC, we know that daily living can become costly for the aging population. That’s why advanced planning options are essential when preparing for the future. Perhaps you’ll experience nursing home expenses, or maybe you’ll just face the continually rising costs of healthcare in the U.S. Regardless of your unique circumstances, our law firm can help ensure you’re prepared for what’s to come.
What Is Long-Term Care Planning And Why Is It Important?
Planning for long-term care means taking steps to ensure that both your medical and financial well-being is protected now and in the future. For instance, can you afford skilled nursing care if you ever need it? Do you have the appropriate government benefits to cover nursing home costs so your loved ones aren’t burdened by continuing expenditures? Long-term planning is about taking care of you and your loved ones regardless of the circumstances that may arise.
Planning options for long-term care are important for a variety of reasons. For instance, the appropriate strategies can help you protect assets even while receiving care from medical professionals. Far too many people have saved their entire lives just to see their savings exhausted within a few months of entering an assisted living facility. Don’t let this or an equally detrimental outcome affect you. Speak with our Tampa long-term care attorneys today.
Are Medicaid Benefits Part Of Long-Term Care Planning?
When people think of planning for their long-term care needs, they often assume that Medicaid benefits will protect their assets or ensure they can afford medical costs. Unfortunately, this is not always the case. That’s why an elder law attorney will typically also assist with Medicaid planning. Due to government regulations, having a certain level of income or assets could disqualify you from receiving such benefits.
Of course, being unable to meet Medicaid eligibility requirements doesn’t mean you can afford care without these benefits. Statistics show that the average yearly healthcare expenditure for Americans at the age of 65 is over $11,000 per year. Even if you’ve done everything right and built up substantial savings over the years, such expenditures can cause financial ruin. And if you have special needs or live in a nursing home, the outlook could be even bleaker.
If you don’t engage in proper Medicaid planning, your healthcare expenses will deplete your savings. Let our long-term care planning lawyers in Tampa help you avoid this possibility.
How Can An Elder Law Attorney In Tampa Help?
Plenty of people think they can handle their own long-term care plan. Perhaps they’ve done the math and assume they’ll qualify for Medicaid, or maybe they have long-term care insurance through the government. Even in these instances, though, having a Tampa elder law attorney on your side can prove invaluable.
For instance, many seniors don’t know which monies or properties qualify as countable assets when applying for benefits. Additionally, many Medicaid applicants have no clue what to do if they’re denied — or even why they were denied in the first place. People also frequently don’t realize that moving certain assets within a specified time period can result in penalties when applying for Medicaid benefits.
Put simply, there are a million issues you and your family may encounter when planning for your long-term care needs. Even if you don’t need nursing home care or other expensive necessities, a long-term care planning attorney in Tampa can help ensure you’re prepared for all possible contingencies.
Contact A Long-Term Care Planning Lawyer In Tampa Today
Fortunately, there are a variety of long-term care options out there. And in most cases, the government might even subsidize many of the costs faced by those who utilize these options. However, it’s important to remember that not everyone will qualify for government programs. And even among those who do, they may not get benefits until after depleting their savings. This is not a reality you and your family have to experience. We can help.
At Decker Legacy Law, LLC, our legal team has made it their mission to serve Florida’s aging population. Whether you’re nowhere close to retirement but want to prepare — or you’re ready to retire and need to make up for lost planning time — we’re here to help. Contact us today by calling (813) 437-4465 to schedule your confidential consultation. Our long-term planning lawyers in Tampa are here to help protect your assets and plan for a promising future.