Understand Medicaid and Protect Your Assets with Long-term Care Planning
Long-term care planning and Medicaid in Illinois can be complex. Working with the right elder law attorneys, like Strohschein Law Group, can help you prepare for the future possibility of long-term care. Medicaid can be a benefit towards protecting your hard-earned assets, especially if you need Illinois nursing home care or in-home care. Our experienced elder law attorneys can assist you with Illinois Medicaid eligibility while protecting your assets to pass down to your loved ones.
The Importance of Understanding Long-term Care Planning
Long-term care is designed to meet health needs for an extended time. These services help aging Americans live as independently and safely as possible when they can no longer perform everyday tasks and activities on their own.
Long-term care planning is a legal strategy that assists aging Americans in planning for the high cost of different health care services as they age. The cost for long-term care provided either in the home or at a facility often exceeds $50,000 per year for Illinois seniors.
Proper long-term care planning can assist you or a loved one avoid the worry and drain that Illinois healthcare costs will have on your savings and the hard-earned assets you may have planned to pass down to your family members.
ILLINOIS ANNUAL MEDIAN COST OF CARE (2020)**
** Cost of Care is Significantly Higher in the Fox Valley Area
| IN-HOME CARE | COMMUNITY/ASSISTED LIVING | NURSING HOME FACILITY |
| Homemaker Services $53,768 | Adult Day Health Care $19,240 | Semi-Private Room $93,075 |
| Home Health Aide $54,912 | Assisted Living Facility $51,600 | Private Room $105,850 |
Resource: https://www.genworth.com/aging-and-you/finances/cost-of-care.html
What is Illinois Medicaid Planning?
Medicaid planning can be complex and overwhelming. Working with the right Illinois elder law attorney, like the team at Strohschein Law Group, can help you plan possibility of long-term care. Medicaid planning in Illinois can be a massive benefit towards protecting your assets, especially if you need Illinois nursing home care or in-home care.
Without the aid of Medicaid, the cost of nursing home care can wipe out your family’s savings, retirement funds, or an inheritance for your loved ones. Our law firm can help you plan to protect your hard-earned savings from being spent down to pay for long-term care.
Why It’s Helpful to Work with a Care Coordinator in Your Golden Years
Sometimes life catches us in the middle, managing things with our own families while trying to oversee elder care for our aging loved ones. Strohschein Law Group understands the stretch and can make a referral to a Care Coordinator in Illinois to support you. We are on your side to help you navigate the changes ahead for a loved one with declining health, and fitting the pieces together can make all the difference!
Navigate Long-term Care Planning with an Experienced Illinois Elder Law Attorney
Strohschein Law Group’s experienced team is here to guide you on asset protection legal strategies. We can help you understand Medicaid qualifications and long-term care planning strategies best for your unique situation.
Our experienced Illinois attorneys can help you and your loved one understand estate planning, long-term planning, care coordination, guardianship, estate administration, trust administration, and probate litigation in Chicago and surrounding collar counties in Illinois. Our law firm welcomes you to contact us and learn how to help you protect your assets and get the care you need with long-term care planning.
Obtaining Maximum Veteran's Benefits
Strohschein Law Group was asked to assist Barbara, a veteran living in a local assisted living facility. Barbara was paying approximately $8,000 per month for care at the facility and was quickly running out of money to pay for her care. Barbara’s sons specifically wanted to keep Barbara at this facility because they believed the level of care being provided was necessary and in her best interest. The sons were looking for guidance on how to obtain the maximum benefit from the Veteran’s Administration and stretch out Barbara’s resources as much as possible to continue providing the care that she needed.
By rearranging Barbara’s assets, we were able to combine her income from Social Security and pension of $1,600 per month, with the maximum Improved Pension with Aid and Attendance from the VA in the amount of $1,644 per month, along with annuity income created from her assets to meet her monthly expenses for a five-year period, which is her life expectancy. The Strohschein Law Group also developed a backup plan, in conjunction with the sons, in the event Barbara lives longer than her life expectancy. We anticipate that the proper planning will allow her to receive nearly $100,000 in veteran’s benefits and will have accomplished her goal of avoiding the nursing home throughout most of her lifetime.
Medicaid Applicant Who Was Denied Benefits
Strohschein Law Group was asked to assist Tim who was at a local nursing home following a 3-day hospital stay. Tim needed skilled care. The facility cost was over $5,000 per month which is typical in this area. However, Tim and his wife Donna only had $1,630 in income per month. Tim and Donna’s combined assets included the family home and less than $50,000 of cash and savings. Donna initially filed the application on her own, which was denied.
By reviewing all of the documents submitted to the Department of Human Services (DHS), we were able to sort through the three years’ worth of financial documentation and identify the issues that caused DHS to deny the original application. Through the appeals process, we were successful in getting the application approved retroactive to the original date of application.
Supportive Living Resident Needs Medicaid
Strohschein Law Group was asked to assist Karen in applying for Medicaid benefits who was a resident at a local supportive living facility. When her sons first came to visit with us, they had a Power of Attorney indicating that they could take financial steps on Karen’s behalf, although with over $100,000 in assets, Karen did not qualify for Medicaid benefits at that time. The adult children realized that without any planning, Karen would be out of funds within 2 years, and they feared that a less desirable care setting would be the only option at that time.
By implementing some planning, Karen was able to avoid the bare bones Medicaid benefit which allowed only $30.00 per month and extremely limited access to necessary services. Using a prepaid burial plan and Pooled Trust, Strohschein Law Group was able to reorganize the total assets that Karen owned such that she would qualify for Medicaid benefits immediately. Karen was able to remain at the supportive living facility as she wished, direct her total income to the facility to be put toward the cost of the care that she required, and preserve her remaining assets for her use during her lifetime as well as sufficient funds for her burial of choice. Most importantly, Karen’s quality of life was greatly enhanced through the planning that was done, allowing her the use of her assets during her lifetime, and allowing her the choice of several appropriate facilities to call home.
Are you living with Alzheimer’s Disease or do you care for someone with Alzheimer’s Disease?
