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Theodore, AL Medicaid Planning Lawyers

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Most Private Insurances Won’t Cover Nursing Home and Other Long-Term Care Costs, Which Are Rapidly Rising. Are You Prepared to Cover Those Expenses Out of Pocket?

Costs associated with a stay in a nursing home or with receiving other long-term care services have the potential to unravel a senior’s financial plan and drastically impact their hard-earned life savings. Many healthcare needs aren’t covered by Medicare, meaning that the bulk of the payments must come out of their pocket.

Working with our knowledgeable Theodore Medicaid planning lawyers can help you have peace of mind that no matter what the future brings, you will be prepared for it! Banks Ladd and Mary Carol Ladd, our lead attorneys, have nearly 30 years of legal experience, and know how to simplify the process to make your experience as seamless as possible.

Call today to learn more about your Medicaid planning options and take the first step!

Theodore Medicaid Planning Lawyers

Why Medicaid Is Beneficial

Medicaid is a public health benefits program that helps millions of Americans get the medical care they need every year. While individuals of all ages are served under Medicaid, it can be especially imperative for older seniors who must spend time in a nursing home or receive other long-term care. Average costs for semi-private and private rooms in Alabama vary depending on which area the nursing facility is located in, but are likely to fall between $3,500 and $8,000 a month. Even a 6-month stint could rack up a bill of thousands of dollars, but a longer period of time could be especially devastating to a person who lives on a strict budget and a fixed income.

As already stated, most private insurances won’t cover these expenses. Therefore, either the individual in need of care will be at risk of paying them out of pocket, or their loved ones will. Qualifying for Medicaid can be the remedy to many of a family’s burdens, as those funds will cover most – if not all – nursing home and long-term care costs. In order to make sure that neither you nor your loved one’s will have to pay these exorbitant bills, working with our skilled Theodore Medicaid planning attorneys is in your best interests.

Why Planning For Medicaid Qualification Is Necessary

Medicaid is a needs-based program, meaning not everyone will qualify due to their income. However, there are several legal strategies that can be used to ensure that you qualify for Medicaid, even if your income exceeds the limitations. Many times, it will require creating special trusts that aren’t counted toward your income and inserting your assets. Some possibilities may be a qualified income trust, pooled income trust, or asset protection trust. It may also be feasible to transfer assets out of your name and into the name of your spouse. Our experienced Theodore Medicaid planning lawyers can help determine which course of action is most appropriate based on your unique financial circumstances.

It is not possible to pull a fast one on the United States government and simply spend down your savings or gift them to your children! Part of the Medicaid qualification process includes participating in a five year “look back” period, where officials analyze all of your major financial transactions from the last five years. Mistakes like these can prevent you from being approved and jeopardize your future! It’s best to let The Ladd Firm do what we do best.

Why Choose Our Theodore Medicaid Planning Lawyers

You likely have plans to bless your loved ones with your wealth when you pass, so you can’t risk losing it all to a nursing home or to long-term care expenses. Trust The Ladd Firm to simplify the Medicaid planning process, so that this potential hardship won’t come to fruition. Even if you still consider yourself “young” and feel far removed from this possibility, today’s seniors are living longer than ever; the question isn’t if you’ll need care like this – it’s when. Call today to learn more about how we can serve you!

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Theodore, AL Practice Areas

The Ladd Firm is an asset for individuals who need assistance with estate planning. They are truly concerned with what is best for their clients and take the time to understand the situation and tailor the options for the best outcome.

David J.

The Ladd legal firm is a very personal and professional legal firm. The service we received was complete and their patience with explaining the process of establishing a family trust made us completely comfortable. We are amazingly comfortable recommending them to anyone wishing to set-up a family trust.

Dan K.

The LADD Firm

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(251) 431-6014