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Medicaid Law & Planning

Long Term Care

Although leaving a lasting family legacy involves much more than leaving your family with material assets, we know you have worked hard to acquire your property and you would like to be able to pass that on. In today’s world, with increased longevity and the ability of the medical community to preserve life, about 60% of the population will need some kind of long term care. In many cases, that care will be provided in a nursing home.

Nursing Home Costs

The average cost of nursing home care in Louisiana is approximately $3000 per month and those costs can quickly deplete the nest egg you have saved making it impossible to leave material assets to those you want to have them. Ideally, nursing home costs would be paid for with a long term care insurance policy. However, only a very small percentage of the population actually has a long term care insurance policy to cover these costs and they must look to alternate resources to pay long term care costs. Medicaid is the source that is most often used for this purpose. Medicaid was created in 1965 and is a joint federal and state program which provides medical care to eligible persons. It also provides funds for long-term care for the impoverished elderly and disabled. According to the General Accounting Office, Medicaid accounts for almost 50% of long-term care costs in 2003.

Know The Medicaid Law to Preserve Your Family Legacy

In 2005, a new law was passed making it more difficult for families to qualify for Medicaid to pay for nursing home costs while still preserving the family’s property. However, with proper Medicaid and estate planning, there are still things that can be done to accomplish both of these goals. At Legacy Center of Louisiana, LLC, we know estate planning and the latest strategies to help you preserve a lasting legacy for your family.

Medicaid Law Counseling

If you or a loved one needs more information about Medicaid law, VA benefits, or estate planning, please contact us to schedule a Medicaid counseling session.

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