Did you know that, in Miami, the median monthly cost of a semi private room in a nursing home is $8000.00 per month and the median monthly cost of a private nursing home room is $11,000.00 per month? This translates to the annual cost of a nursing home in the Miami area costing between $96,000.00 and $132,000.00 annually. Accordingly, Miami seniors should plan for long-term care as soon as possible.
As the life expectancy of Americans is currently ten years greater than it was fifty years ago, the statistical probability of a person living long enough to require nursing home care has also increased. While many seniors believe that they will not require nursing home care because they will be cared for by family members, in addition to living longer, Americans are also starting families later. This phenomenon has created the sandwich generation, whereby middle-aged Americans may be raising young children, while simultaneously caring for their aging parents. They may also be working full-time, while tasked with both of these responsibilities. The end result of this can be that once the aging parents’ care needs reach a certain level, they will most likely require nursing home care, as their adult child will not have the resources to provide care at a higher level.
With the exuberant cost of nursing home care in the Miami area, Miami seniors should have a plan to cover the cost of nursing home care. As most will not be able to afford it out of pocket and do not have long-term care insurance in place, Medicaid eligibility planning may be their best option. Due to the financial parameters surrounding Medicaid eligibility, however, seniors should plan to shelter their assets in order to meet these requirements. This can require, however, some advanced planning, such as the creation of an irrevocable trust. As Medicaid has a lookback period from the application date, which is five years in Florida, it can be necessary to conduct this planning well in advance of the time nursing home care is indicated. If you or a loved one are already residing in a nursing home, or planning for one in the immediate future, a Medicaid attorney or elder law attorney may be able to assist with unique planning options to address the five-year look back period in Florida.
The bottom line is if you are a Miami senior, it can be in your best interest to contact a Medicaid attorney or Miami elder law attorney, who can assist you with Medicaid planning to assure the care you need is available, when you need it. Our office is here to help you and your loved ones. Please contact us today to schedule an appointment.