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In these economic times you have to do everything you can to protect every dollar you have left.  When a loved one develops chronic illness such as Alzheimer’s, Parkinson’s, or stroke, the emotional and financial costs to the individual and family can be catastrophic. Qualifying for Medicaid, VA and other government benefits becomes necessary when middle class families face nursing home bills from $6,000-10,000 plus per month. My office helps families stricken with chronic illness and disabilities manage situations considered unmanageable.

We have to think more strategically in order to work through the crisis to make the very best use of our assets and find additional resources to help defray the long term care costs. VA benefits for veterans and surviving spouses of deceased veterans can be financial lifesavers where appropriate. Most veterans and surviving spouses of deceased veterans are totally unaware of benefits available, particularly pension. We can integrate our planning for immediate VA benefits followed by Medicaid when needed. Careful planning allows the family to develop and maintain a sense of direction so that we can manage our way through difficult times rather than worry our way through them.

For many years I have welcomed the opportunity to help families deal effectively with the potentially devastating loss that comes with disability and chronic illness by turning that loss potential into an effective plan for the best care possible, peace of mind and protection of their hard-earned life savings. Even with recent law changes we are most often able to save nearly all assets for a married person and at least half for a single person. I look forward to the opportunity to continue this work with you.

The Deficit Reduction Act of 2005 (DRA) brought with it the biggest Medicaid rule changes in 14 years. Even with these changes, we are still able to protect nearly all life savings for a caregiver spouse and more than half for a single person.

The DRA rules have a profound negative effect on estate planning, particularly gifting. The Medicaid look back rules now include all gifts including those to church, charity and family.

Whenever one door closes another door opens. Even though our assisted living facility Medicaid programs have lost all funding, there is still hope for Veterans and surviving spouses of deceased Veterans. Most eligible Veterans and their families are completely unaware of the availability of VA benefits. Often these benefits allow an eligible person to afford needed care at home or at an assisted living facility.

Acute illness such as cancer or heart disease is pretty well covered by Medicare and a good supplement. Chronic illness like stroke or Alzheimer’s disease gets a maximum of 100 days of coverage if you are able to wangle at least three days in the hospital and a medical determination that you need skilled or rehabilitative care. Nearly half of nursing home patients go directly from home to nursing home and end up with no nursing home Medicare coverage at all. Without asset protection planning, sufficient income to pay privately, long term care insurance, or some kind of government benefits, a nursing home patient will go broke at the rate of $6,000-$10,000 per month. Even worse, the patient faces the possibility of running out of assets and still not being qualified for Medicaid assistance.

If you want to know more about Florida’s new Medicaid rules or Veterans benefits, please call my office. I will be happy to send you my latest article on DRA, talk to you or any group you believe might benefit from this information.