Page 22 - Senior Link Magazine Winter 2018- Online Magazine

HONORING SENIORS

What If You Need Long Term Care? by Lee Franks

Living longer and having excellent accounts and other assets and the ability you are married, but like everything else,
health care can come with a downside, to change beneficiary designations. the strategies come with some cost and
as unlikely as that may seem. Some of Make it easy on your person of trust; give must be done with appropriate advice.
us outlive joints and other body parts but them the tools they need to serve you. Third, unless you received information
continue to enjoy sharp and unclouded For many folks, especially our elders, about Medicaid from an attorney who
minds. Others of us keep on rocking Medicaid provides the only access to is a member of the National Academy
along physically, but our cognitive long-term, skilled nursing services. of Elder Law Attorneys (NAELA) and
skills begin to lag. Either way, we can Mistakenly, many people over 65 believe who has a significant practice in assisting
end up dependent on loved ones and/ that they are covered for long-term care clients to apply for Medicaid, you
or professional care givers to help us by Medicare, but Medicare is a health should not assume that any information
through these trying times of life. In insurance program, covering services is correct until you have confirmed it
fact, most of us will need skilled nursing designed to get you better. If you are with an experienced NAELA attorney,
care at some point in our lives, briefly not improving but have reached a regardless of where that information
if we are lucky, but many will need point where long-term care is required, came from - whether another attorney,
such care for extended periods of time. Medicare does not cover it and neither a financial planner, a nursing home
In Lubbock, that level of care can cost do the supplementary policies linked to employee, a social worker, a good friend,
over $5,000 per month, although you Medicare. or your cousin. You may not doubt
can find good care in the surrounding Unfortunately, Medicaid for the that they mean well, but you had better
communities for about $4,000 per month Elderly and People with Disabilities confirm it. Skilled nursing care is a costly
and up. (MEPD) remains an obscure, almost endeavor, so be sure you are getting
Whether you have enough resources mystical program defined by rumor, correct information and advice.
to pay privately for your care, have misunderstanding, and even falsehoods.
purchased long term care insurance, or First of all, it is a
will rely on Medicaid, you need to take means-tested, long-
steps right now that will make it easier term care insurance
for your family and other care givers program provided
to help you when difficult times arrive. by the federal
Really, every day is a gift, and none government and
of us know when the need will arise. administered by
Accidents, illnesses, and other physical the State of Texas.
struggles are not confined to the elderly. It has no police
Aside from a well-written Last Will control. It does not
and Testament, which everyone should take your house or
have, each of us should provide someone your money, and
in our family (or a close friend) with the representatives do 3330 70th st. Suite 201 Lubbock, TX 79413
authority to make medical decisions for not inspect your
us when we cannot, the authority to keep home. Simply (806) 368-8805
up with our care and condition. We need put, if you meet
to execute a Medical Power of Attorney, the qualifications, fax: (806) 686-0444
a HIPAA Release and Authorization, MEPD will cover
and a Directive to Physicians, Family the remaining Medicaid Qualification
or Surrogates. This gives someone you nursing home Supplemental Needs Trusts
trust the authority to manage your affairs expense AFTER Lee Franks Estate Planning
when you cannot or when it is more you have paid all Guardianship
convenient for you. You can even take you can from your
a further step and execute a Statutory current income. Probate
Durable Power of Attorney. Second, there are
If Medicaid is even a remote numerous planning Your Elder Law
&
possibility, you should consider giving opportunities to Estate Planning Team
your agent robust gifting authority explore if you need
and the ability to change or create care or might need Laura Beth Pleasant
survivorship provisions on financial care, especially if FPLAWTEAM.COM

22 Lubbock Senior Link