Navigating Long-Term Care Costs in Omaha: Why Medicaid Planning Matters

Preparing for long-term care often gets delayed until it becomes a pressing issue, especially for residents of Omaha. However, skilled nursing care costs can be overwhelming, and delaying planning can have devastating consequences. Consider the harrowing account of an elderly woman featured by CBS News, who lived in a state of neglect due to lack of funds and family support. Such situations underline the necessity of early planning to avoid similar outcomes.

Horror Story Highlight: The Unforeseen Costs of Skilled Nursing Care

In a quiet townhouse complex, an elderly woman with dementia lives in a state of neglect, surrounded by the decay of her unkempt home. It became so bad that the owner hired a professional detox team to restore her living conditions. She can't take care of herself. However, her prospects are grim, with no family to turn to and insufficient funds. This CBS story highlights a serious estate planning mistake: waiting too long to plan for skilled nursing care.

The Real Costs of Long-Term Care in Omaha

In the Midwest, and Omaha specifically, long-term care costs are substantial. For instance, a shared room in a nursing home can cost nearly $12,000 per month, while private rooms are even more expensive. These costs can quickly deplete savings, making Medicaid planning with an experienced Omaha elder law team an essential strategy. Unlike Medicare, which only covers skilled nursing care under limited conditions, Medicaid can help cover long-term care costs if you meet certain income and asset requirements. In Nebraska, for example, Medicaid eligibility requires an income of up to $1,215 per month and assets totaling no more than $4,000.

What Costs Does Medicare Cover?

Many assume that Medicare will handle long-term care expenses. However, this is a misconception. Medicare Part A only covers skilled nursing care under specific conditions and for a limited time. You begin paying a copay after 20 days, and coverage stops after 100 days.

Why Medicaid Planning is Crucial

For Omaha residents, Medicaid planning can provide a lifeline. This process involves legally restructuring your income and assets to qualify for Medicaid benefits without losing all your savings. Strategies like spending down assets on medical expenses or setting up an irrevocable trust can help you meet Medicaid's stringent requirements. Additionally, Legacy Design Strategies offers crisis planning tools such as the "gift and loan" strategy and Medicaid-compliant annuities, designed to protect your assets while ensuring you receive the care you need.

Take Action: Consult with an Omaha Medicaid Planning Attorney

Discussing long-term care options with an elder law attorney is crucial for safeguarding your future. Legacy Design Strategies can guide you through the complex landscape of Medicaid eligibility, guardianship, and long-term care planning. By starting the conversation now, you can make informed decisions that protect your assets and ensure you receive the care you deserve. Schedule a no-cost call with our team today to secure your future and maintain your quality of life.

The story of the elderly woman in the townhouse is a stark reminder of the importance of proactive estate planning. Don’t let the cost of skilled nursing care disrupt your or your loved one’s future. Legacy Design Strategies is here to help you or an aging loved one create a plan to secure your future dignity and well-being.

Key Takeaways to Prepare for Long Term Care

• Understand the Costs: Be aware of the high costs associated with skilled nursing care. Planning for these expenses is essential to avoid financial hardship.
• Medicare Limitations: Medicare provides limited coverage for skilled nursing care. Know the restrictions and plan for costs beyond what Medicare will cover.
• Consider Medicaid: Medicaid may be an option for those without adequate resources. However, you must account for its strict eligibility requirements.
• Consult Professionals: Early discussions with an elder law attorney are a must. Planning early will go a long way to preserve your dignity in the future.
• Open Communication: Discuss long-term care plans with family and advisors. Maintaining clear communication as your circumstances evolve will help prepare you for the future.