Those in New Jersey who have an aging loved one who is in need of around-the-clock care may find the costs associated with such care can be distressing. As of now, 24/7 in-home care can set a person back $7,000 monthly. If you’d like your loved one to live in an assisted living community, this could cost as much as $8,000 monthly. And, should your loved one need nursing home care, the price tag could be a staggering $12,000 monthly. These costs could easily wipe out a person’s finances all too quickly.
For this reason, some people in New Jersey may be relying on Medicaid to help offset these costs. However, does this mean they have to impoverish themselves in the process? After all, the general rule is that a person can have no more than $2,000 in resources in order to qualify for Medicaid.
Fortunately, even for those in their old age, it’s not too late to preserve some of their most important assets, such as their home. Through asset preservation, one can legally protect some assets from counting as resources when it comes to calculating Medicaid eligibility.
At McHugh & Macri, we encourage people not to wait to seek legal help with regards to asset preservation and Medicaid eligibility. While it might be possible to protect some of a person’s assets once that person is already in a long-term care facility, more assets might be saved if a person seeks legal help prior to entering a long-term care facility. While every person’s case is different, and we cannot promise what assets will be saved, seeking help sooner rather than later is never a bad idea.
There are legal means to protect assets while still qualifying for Medicaid. The need for 24/7 care should not lead to impoverishment. To learn more about our firm’s views on this topic, you can visit our Medicaid planning and asset protection webpage.