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Medicaid Asset Protection
Ensure the Best in Long-Term Care
As we age, it’s often critical to know that we can afford the best in nursing home care. However, affording optimal long-term care isn’t always easy. The good news is that, with the help of Elder Law of Georgia, you can create a Medicaid Asset Protection Trust that will guarantee the funds critical to funding nursing home care of any length.
Long-Term Health Care is Expensive
Did you know that 70% of people over age 65 will need long term care during their lifetimes? And according to seniorliving.org, the average annual cost of a nursing home room in north Georgia is between $106,000 and $130,000. With a Medicaid Asset Protection Trust (MAPT) you can help ensure that you qualify for Medicaid benefits to help qualify for the long-term health care of yourself and loved ones.
NEED TO KNOW: MEDICAID ASSET PROTECTION
What is a MAPT?
A Medicaid Asset Protection Trust (MAPT) is a specialized type of irrevocable trust that enables a person to qualify for long-term care benefits from Medicaid, while protecting assets from depletion if nursing home care is needed.
Timing Is Important
A MAPT should be created at least five years before the need for long-term care arises, because of the Medicaid look-back period. Assets in the trust for at least five years are not counted toward Medicaid eligibility and cannot be taken to reimburse Medicaid benefits.
How Can I Establish a MAPT?
An MAPT should be set up with assistance from a Medicaid planning professional, well in advance of the potential need for nursing home care.
MAPT Should Be One Part of a Plan
A MAPT represents important assets – assets that are protected from creditors, divorce, or death of loved ones – but it should be seen as just part of your overall approach to retirement planning. That’s why Elder Law of Georgia uses it as an important, but not the sole, tool in its approach to helping you achieve your long-term goals.
Do Not Rely on Medicare
Medicare pays the cost of a skilled nursing facility for up to 20 days, with a co-pay for the next 80 days. However, once Medicare coverage terminates, the individual must pay out of their own pocket. That’s why Medicaid is so important for many.
We Address Every Detail
Medicaid planning and nursing home planning are key to all retirement planning, and Elder Law of Georgia is ready to help. We understand the rules and regulations involved in Medicaid benefits and achieving eligibility, and we will incorporate those aspects into a broad plan so that you and your loved ones achieve total peace of mind for the future.
The Elder Law of Georgia Difference
Our law firm uses a team approach. Attorney Eric Owens will help you craft a plan that lets you access long-term care while protecting your assets. Nurse practitioner Tammy Owens then can evaluate your options for receiving the best possible health care.
Speak With A Lawyer Today
To meet with us about your options, please call 678-971-4971 or
contact us online. We serve clients throughout Gainesville and the Hall County area.
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