Planning for Expenses of Elder Care
For the past several decades, healthcare costs have risen, and that trend unfortunately shows no signs of stopping. As your loved one reaches retirement or seems in need of additional care, these costs start looming. If you qualify for Medicaid, then you can rest a bit easier, but the average person doesn’t have $4,000 a month lying around to pay for assisted living. In spite of that, it is a necessary cost to ensure a loved one receives the medical care and support they need to live comfortably.
“The middle-class people struggle paying for this added monthly cost — $3,000 to $10,000 a month — for dressing, bathing, helping,” West Palm Beach elder law attorney, Mark Shalloway, says. “Since these people need an aid and not a doctor, it isn’t covered, and we have to look into how Medicaid can benefit these people.
When it comes to caring for your elder loved ones it is never too early to think about finances and the distinction between medicare and medicaid. Planning early is crucial to getting everything your loved one is entitled to, but it isn’t something one should do on their own. Even if you have experience in the field of finances, it is crucial that you work with an elder law attorney. These professionals have studied the intricacies of Medicaid planning and will make sure you get every benefit they can. Their goal is to ensure that you can put your loved one through the care they need without either of you liquidating all of your assets.
“The middle class fall through the cracks because they don’t fit the requirements for benefits, and they are not very rich,” Shalloway continues. “They work hard — they could be teachers, or doctors, or journalists, or other good, hard working people who have saved and are facing Alzheimer’s, stroke, Parkinson’s, or have a spouse or child with special needs. They can face these diseases for years — for the rest of their lives — and that can impoverish you. If we can do Medicaid planning, that can help.”
Elder law attorneys are different from other attorneys, because their area of practice is designed to serve an individual, not a topic. Firms like Shalloway & Shalloway in West Palm Beach assist hundreds of people in achieving a financially sound state of mind. In a places with such a high concentration of seniors, like South Florida, good elder law attorneys are essential. Having an attorney who lays things out and speaks to you in “plain English” can make all the difference.
Before making such a massive financial leap such as paying for elder care, contact an elder law attorney you know you can trust. Only with the assistance of a quality elder law attorney can you finally give a loved one everything they need to live out life comfortably.
