Long-term care is costly, and most people cannot pay for long-term care for very long without exhausting their assets and making sacrifices in their quality of living. In Florida, the average cost of a quality nursing facility is over $9000 per month. Assisted living facilities can be more affordable. However, they can still cost between $4000 and $6000 a month. As for in-home care, people pay by the hour, and the rates are usually at least $20 an hour.
How And When Should You Apply For Medicaid?
In Florida, the best time to apply for Medicaid depends on the type of Medicaid you require. One important thing to keep in mind is that wait times and navigating potential delays may be involved for certain Medicaid programs.. For example, if you require home health services or community-based services, you must complete an interview with your local area agency on aging that can provide you with information and referral assistance about programs and services available to meet your needs or the needs of your elder loved ones. After you complete the initial intake process and you are placed on a waitlist, the Department of Children and Families will notify you when you are off the waitlist so that you can submit your Medicaid application.
When Do You Recommend That Someone Begin Medicaid Planning? Is It Ever Too Early Or Late?
It is never too early to have a conversation about Medicaid planning. At the very least, you should be aware of your options. Everyone needs to be educated on Medicaid early on to have foundational documents in place which will allow someone in a crisis to take preventative actions with an experienced attorney.
What Are The Biggest Mistakes People Make When Planning For Medicaid Needs?
One of the biggest mistakes someone can make when planning for Medicaid needs is assuming they must deplete all their funds before qualifying for Medicaid. With early intervention, an attorney can take certain actions which allow an individual to apply for Medicaid sooner. Another mistake people often make is confusing the rules the IRS has for gifts and taxes.
For more information on the Cost Of Nursing Home Care In Florida, an initial consultation is your next best step.