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Medicaid Planning / Nursing Home Planning Archives

Is a Qualified Income Trust (QIT) right for you?

One of the biggest concerns many people have about growing older is spending the assets they earned over a lifetime to pay for nursing home care. The cost of nursing home care is astronomical. According to the New Jersey Department of Human Services, the average daily cost of nursing home care was approximately $330 a day in 2015. These costs can drain decades' worth of savings in a relatively short period of time.

Nursing home planning is a gift to loved ones

When many New Jersey families consider planning for the chance that loved ones might need nursing home care, the focus is on giving family members the care and respect they deserve. It is important to note, however, that taking care of nursing home planning is also a gift to the rest of the family. This is especially true for individuals who have played pivotal roles in caring for elderly loved ones.

Retirement and Medicaid planning are linked

As many New Jersey residents approach retirement, their financial goals shift from those held in previous stages of their lives. Instead of considering how to budget for raising a family and purchasing a home, older Americans have to think about how they will fund the final stages of their lives, when working is often no longer possible. To that end, older people should take the time to think about how Medicaid planning factors into their overall retirement plan.

Nursing home planning an issue baby boomers must face

As baby boomers continue to age, they face a number of issues that are far different from the concerns faced by their parents. Advances in medicine and technology have increased the average American life span, and many baby boomers in New Jersey and elsewhere can expect to live into their 80s and even into their 90s. With advanced age, however, comes the increased likelihood that many will require some sort of residential nursing care in their later years. This means that nursing home planning is an important topic for older Americans.

Navigate Medicaid planning with help from a legal professional

Medicaid planning is a complex process. Many New Jersey residents do not understand how to qualify or what they should do while Medicaid planning in order to secure the assistance they deserve. Legislation passed in recent years now makes it more important than ever to closely adhere to applicable laws and regulations. Violation of Medicaid laws can result in steep penalties, but our lawyers are here to protect clients from this possibility. 

Medicaid planning a sound financial goal in the New Year

As 2015 begins, many in New Jersey have taken the time to consider things they would like to accomplish in the coming year. For many, planning for their retirement and beyond is at the top of that list. In addition to traditional estate-planning needs, many individuals and families are interested in learning more about the proper Medicaid planning.

Nursing home planning can help New Jersey families

Estate planning and planning for future medical needs can be overwhelming for New Jersey families. With so much to consider, it is hard to know if everything has been covered adequately. One aspect of planning for the future includes making arrangements for extended medical care. Nursing home planning, though not a top priority for some, can certainly come in handy and reduce a lot of stress should a time come when this type of service is needed.

Addressing the need for nursing home planning

When many New Jersey residents consider their estate plan, they focus on ensuring that they can pass their assets on to their loved ones in the manner that they wish. While this is a vital aspect of estate planning, there are other parts of the process that are just as important. Making sure that one’s own late-life needs are taken care of is a prime example. Unfortunately, many individuals fail to recognize the need to address nursing home planning.

Check facility ranking during nursing home planning

For New Jersey families who are looking into their options for late-life care facilities, there are a number of tools and resources available. One of those lies in the yearly ranking of nursing homes conducted by U.S. News and World Report. The annual evaluation is conducted in the hopes of aiding the nearly 1.4 million families who have to make this difficult decision every year. When it comes to nursing home planning, these types of evaluations can help make the decision-making process easier for all involved.

Medicaid planning must be realistic

For many in New Jersey, estate planning includes an estimation of how Medicaid will factor into one's later years. Medicaid provides many services to the American elderly population, such as covering the cost of doctor visits, medical procedures and medications. However, Medicaid is not a comprehensive solution for an individual's late-life medical needs, and there will be a great many expenses that are not covered under this national plan. In addition, qualifying for Medicaid can be tricky, and families should begin Medicaid planning well before the need to seek coverage begins, so that individuals can create a strategy for fulfilling all of their medical needs during retirement.