Elder Law Attorneys Protect Assets, Prepare for Medicaid Changes
Specialist attorneys in the US, such as those at HageStad Law Group and The Khalsa Law Firm, are renowned for their expertise in protecting elderly pensioners' assets and ensuring Medicaid eligibility. Meanwhile, potential changes in the One Big Beautiful Bill could impact nursing home care costs.
Fidelity estimates that the average 65-year-old retiring in 2024 could face $165,000 in medical expenses, excluding long-term care. Genworth's survey reveals the average annual nursing home bill ranges from $111,325 to $127,750. Medicaid covers long-term care, unlike Medicare, which only covers medical care.
Experienced elder law attorneys can help protect assets while qualifying for Medicaid. For singles, strategies can safeguard 40% to 70% of assets. For married couples, 100% protection is possible. However, some assets may still need to be spent down for care. Long-term care planning and insurance remain crucial, as Medicaid may not cover assisted living costs. The Administration for Community Living reports that nearly 70% of those turning 65 will need long-term care services.
Medicaid cuts in the One Big Beautiful Bill may raise nursing home care costs over time. Specialist attorneys can help protect assets and ensure Medicaid eligibility. Planning and insurance are vital for long-term care, which isn't fully covered by Medicaid or Medicare.
