How a North Carolina Medicaid Plan Helps Pay for Long-Term Care

Jackie Bedard
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As much as a son or daughter would want to be able take of a sick loved one, we all know that sometimes health problems are just too serious to handle without the help of a professional. Debilitating strokes, early stages of dementia, Alzheimer’s disease, Parkinson's, etc. are just a few reasons why long-term care in a nursing home or other facility may be needed.

Unfortunately, the cost of providing round-the-clock care can come at a steep price. The average monthly cost for nursing home care in the Cary, NC area is $6,500. At over $75,000 per year, it would not take long for a family to deplete their life savings quickly in the event that an unexpected health problem leaves a person unable to care for herself.

Sadly, even if a patient planned ahead and bought long-term care insurance, it is not always enough to cover that high cost of hiring 24-hour care. Nor does Medicare pay for most long-terms care situations.

That is why North Carolina Medicaid planning lawyer, Jackie Bedard, at Carolina Family Estate Planning urges all families to explore their options for the “what-ifs.” In addition to private long-term care insurance, Medicare, and paying out-of-pocket, Medicaid can help bridge the coverage or cost gap that many families face.

Because Medicaid is made available to those with a low income, a common myth is that anyone with assets would not be eligible. This is not always the case. Planning ahead and protecting your assets in certain ways can help your eligibility. Taking the proactive steps now to plan for Medicaid in North Carolina will ensure that the benefits kick in the moment you need them. Also rest assured that if the medical crisis hits before the plan is in place, help is still available.

Pre-Crisis Long Term Care & Medicaid Planning

Meant for people who are still healthy and not currently in need of any long term care, Pre-Crisis Long Term Care & Medicaid Planning is an opportunity for you and your spouse to sit down with an elder law attorney and discuss your wishes and expectations. It involves establishing a plan for the elder care journey to ensure you'll receive the care that you desire while also protecting plan for your assets from the constantly increasing costs of nursing home care so that your spouse or family won't be left penniless.

Crisis Long Term Care & Medicaid Planning

If you or your spouse is currently in a long-term care facility, or about to be placed in one, do not take the advice from a friend or a caseworker that you have too many assets to qualify for Medicaid until you first speak with an elder law attorney.  An elder law attorney can help you understand how to legally preserve the maximum amount of assets and income and still qualify for Medicaid or similar benefits. Of course, the earlier you plan, the more options you may have, but it is still worth speaking with a lawyer to help alleviate some of the urgency that comes with any crisis situation.

The best way to learn about both Pre-Crisis and Crisis Long Term Care and Medicaid Planning is to speak with Triangle elder law and estate planning lawyer, Jackie Bedard. Call Carolina Family Estate Planning at (919) 443-3035 to register for a workshop and schedule your complimentary case evaluation. Or fill out our online form to receive your free copy of Jackie's book, The Ultimate Guide to Paying for Nursing Home Care in North Carolina.