With the upcoming Presidential election just weeks away, many hot button issues are flaring up in the media. Chief among those topics are concerns over Federal and state governments continuing to fund Medicare and Medicaid. Recently, a New York Times article (http://www.nytimes.com/2012/09/07/health/policy/long-term-care-looms-as-rising-medicaid-cost.html?pagewanted=all&_r=0) explored the prevalence of Medicaid benefits for the disabled and elderly in America. The article stresses that there are approximately 1.8 million nursing home residents in the United States, and 31.5% of Medicaid’s $400 billion is spent on long-term care for the elderly and disabled. Considering the cost of nursing home care, which averages $80,000 per year, it is no surprise that so many older Americans rely on the program to meet their long-term care needs.
The article further serves to highlight the all-too familiar story of a daughter who watched her parents spend down their assets on long-term care. Had the family consulted an elder law attorney, they may have been able to protect at least a portion of their assets for the survivor while still qualifying for the program. While the future of Medicare and Medicaid certainly warrants discussion, the fact remains that nursing home care is generally too expensive for most families to afford, and that Medicaid is currently the only viable option for most Americans. The Medicaid program rules and regulations in Massachusetts are continually evolving. The attorneys at Oalican Law Group are up to date with those changes, and specialize in developing Medicaid qualifying strategies for clients who are concerned with planning for the future.