Boca Raton, FL Medicaid Planning Attorney

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Why Medicaid Planning?

When people are thinking through planning financially for retirement on a surface level, they often think of how they’ll pay their mortgage and regular living expenses and how they’ll afford travel. They don’t often think of how they will pay for nursing home care.

Understandably, everyone would rather save for their bucket list European vacation than for a few years in an assisted living facility, but because most seniors who live in the Boca Raton area will end up in needing long-term care – and because the costs of long-term care can be astronomical – it’s important to plan for how you might pay for it.

Medicaid is one form of government financial aid that can cover these costs so you can put your savings to better use. At Elder Law, P.A., Boca Raton Medicaid planning attorney Ryan Jay Smollar can help you navigate the process, protect your hard-earned assets, and get peace of mind that the last decades of your life will be free from financial stress! Call today to schedule a free consultation.

Boca Raton Medicaid Planning Attorney

Don’t Procrastinate Medicaid Planning!

Most private health insurance policies don’t cover nursing home care, and Medicare doesn’t either – this catches many seniors and their families by surprise when the time comes that they need to enter a nursing home, and they only have three options:

  1. Pay the cost of long-term care on their own, out of their savings
  2. The family pays the cost
  3. The cost is too high, and they have to go without long-term care

Because many seniors are on fixed or low incomes, they may not even have enough savings to cover a few months on their own; in Boca Raton, the average cost of a nursing home ranges from just under $5,000 to nearly $10,000 per MONTH for a semi-private room. That’s between $60,000 to $120,000 per year just in care costs.

If you have this amount unused, you’d likely rather leave it to your children and grandchildren when you pass away, or spend it on things they need. Using it to pay for a nursing home depletes the inheritance you may have hoped to leave them. If you don’t have this amount, it’s a big burden to place on family members, whether they have to pay for the costs or take you in themselves (if you are no longer able to be independent).

None of those options are good, which is where Medicaid planning comes in!

How Does Medicaid Planning Work?

Medicaid benefits are available to pay for long-term care costs, but the catch is that the program is income-restricted. You can’t have assets beyond a certain resource limit or income beyond a certain income limit in order to qualify and receive those benefits. Many seniors find themselves in a difficult position of being “too rich” to qualify for Medicaid, but not rich enough to afford long-term care.

However, if you work with a Boca Raton Medicaid planning attorney such as Ryan at Elder Law, P.A., you can restructure your assets in such a way that shields them from counting against your eligibility! You can use tools such as trusts, charitable giving, bequests (if made five years in advance, before the “look back” period), and others to keep your wealth in the family and in your control without it counting against your income/resource limit.

Is Medicaid Planning Legal?

Yes – to many people who are unfamiliar with how it works, it sounds like a way around the system, but it is completely in adherence with state and federal laws as long as you work with a licensed attorney. The Florida Supreme Court declared that Florida medicaid planning activities shall only be performed by an attorney licensed by the Florida bar.

When you trust a lawyer to help you, you don’t have to worry about breaking any rules (or participating in any shady activity!). Trusts are not “cheating”; they are a smart way of securing the money you have worked hard to accumulate so you can use it for what matters most to you!

Why Work With Elder Law, P.A.’s Boca Raton Medicaid Planning Attorney?

Attorney Ryan Jay Smollar is a member of the NAELA (National Academy of Elder Law Attorneys), so he is well-versed in helping seniors with legal issues such as Medicaid planning. He is familiar with all of the intricacies of the program – the requirements, the basic services covered, the application process. He has spent over 10 years guiding clients through Medicaid planning and giving them peace of mind. You can rely on him to create a trust and implement other strategies that will safeguard your future. If you live in Boca or the surrounding communities, and you are approaching retirement, call Elder Law, P.A. for a free consultation to ask questions, discuss your options, and learn more.

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Boca Raton, FL Practice Areas

Natalie was amazing handling my dads medicaid application process, easy to communicate and we found the process very straight forward with their guidance. We would highly recommend their services to everyone who is in need of elder law, with our family all working full time and busy lives they gave us a peace of mind knowing they were working on getting things done.

Giovana H.

Ryan really cares about his clients, and it shows in the way that he advises them. He is extremely knowledgeable about elder law, and explains the rules in a clear manner. The issues can be difficult on family members to discuss, and he handles the material in a compassionate manner.

Joseph M.

Elder Law, P.A.

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