Indianapolis nursing home attorneys can provide help with making a nursing home plan. Making a plan is important not only for people who believe that the need for nursing home care is imminent, but also for people who may some day need to get care in a nursing home environment.
Frank & Kraft will work with individuals and families to determine both if a nursing home plan is needed and to determine what legal tools should be used in the creation of a plan. It is best to make your plans long before you actually need care, and there are many key reasons why making a plan is so vital. Some of the reasons for making a plan include the following.
There is a High Likelihood Care Will Be Needed
One of the biggest reasons why you should have a nursing home plan in place is because there is a significant chance that you will some day need nursing home care. The Wall Street Journal wrote that more than 70 percent of people who are 65 years of age or older will end up requiring nursing home care. A person who has turned 65 has a 40 percent chance of needing to spend time in a nursing home. That same 65-year-old has a 20 percent chance of needing to spend five years or more in a home environment.
Many people don’t make plans for the possibility of needing care, even though the chances are good that it will some day be required. The result of this is that seniors or their families end up scrambling to find a home with an open bed after a medical emergency makes it impossible for the senior to continue living independently. The immediate aftermath of a stroke, a fall, or another serious health incident is no time to be making important decisions on care.
Nursing Home Care is Expensive and Not Covered By Most Insurers
The costs of nursing home care are also a big reason why a plan should be made in advance in case such care is necessary. Nursing homes can cost more than $100,000 per year. This cost is not affordable to the vast majority of families.
Unfortunately, while many seniors assume that Medicare will pay for their nursing home, this is not likely to happen. Medicare covers brief durations of time spent in skilled nursing facilities to receive specialized care. It doesn’t cover custodial care at all, even though most people who go into a nursing home do so because they require custodial care.
Options for covering the costs of nursing home care are very limited if Medicare won’t pay. Long term care insurance is often prohibitively expensive and the coverage may not be comprehensive. Paying out of pocket or getting Medicaid to pay for care could be the only two viable options. Unfortunately, Medicaid will pay only after you’ve spent much of your wealth– unless you make plans in advance to protect your assets while still qualifying for Medicaid coverage. Making a nursing home plan allows you to protect your money and property and get Medicaid to cover you when you need care.
Nursing Home Abuse is a Very Real Risk
According to the National Council in Aging, one out of every 10 Americans aged 60 and older has been victimized by some kind of elder abuse. While most cases of abuse are not reported, it is clear a substantial number of nursing home residents are neglected or are abused physically, emotionally, financially or sexually.
Making a nursing home plan before you need care can allow you the time to research care facilities in your area so you can find a high quality home with a good reputation where there is less of a chance that you will become the victim of abuse.
Getting Help from Indianapolis Nursing Home Attorneys
Indianapolis nursing home attorneys at Frank & Kraft can provide the comprehensive assistance that you need in finding a nursing home that will provide high quality care. Our legal team will also assist you in taking steps to ensure you can afford to pay for care when you need it.
To find out more about the ways in which our legal team can help you, join us for a free seminar. You can also give us a call at 317-684-1100 or contact us online to get personalized advice from Indianapolis nursing home attorneys with experience. Give us a call today to get your plans in place before it is too late and you suffer a medical event that necessitates you go into a nursing home.
Paul A. Kraft, Estate Planning Attorney
Mr. Kraft assists clients primarily in the areas of estate planning and administration, Medicaid planning, federal and state taxation, real estate and corporate law, bringing the added perspective of an accounting background to his work.
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