In a recent podcast episode, top estate planning attorney Fred Haiman, founding partner at Haiman Hogue, PLLC in Frisco, TX, explain how to sidestep using hard-earned assets to pay for expensive nursing home fees. For more information please visit https://www.haimanhogue.com
Frisco, TX, United States - November 29, 2020 /MM-REB/ —
In a recent podcast episode, top estate planning attorney Fred Haiman, founding partner at Haiman Hogue, PLLC in Frisco, TX, revealed how to sidestep using hard-earned assets to pay for expensive nursing home fees.
For more information please visit https://www.haimanhogue.com
When asked to comment, he told listeners, "The cost of nursing home care nationwide has gotten out of control. It's very easy for it to cost anywhere from $60,000 - $100,000 a year. And there are different levels of care, and the more care you need, of course, it gets more and more expensive. In the US, 2 out of 3 people who are older than 65 will require some form of long-term nursing home care."
According to Haiman, there are three ways to pay for long-term care: out-of-pocket, long-term care insurance, and Medicaid.
"For out-of-pocket, you'll have to tap into whatever resources you have - such as personal savings, pensions, stocks, bonds, and home equity - to pay for it. There's also long-term care insurance, which not many people have, since the cost of long-term care has risen so dramatically, most people can't afford it. The last one is to qualify for Medicaid. And Medicaid has become a big asset to look into to help a family pay for these long-term needs," he said.
Haiman pointed out that several misconceptions about Medicaid cause many people to overlook it as a solution to pay for long-term care.
When asked to elaborate, he said, "Some confuse Medicare and Medicaid and think that Medicare will pay for long-term care, but it doesn't. Medicare pays for medical expenses and short-term care only.
Furthermore, one of the biggest things that people don't realize is that Medicaid is not for the poor - it’s for the “qualified.”. Many times, people will hear the term 'Medicaid' and think that they don't want to be on it since they are not poor. But the reality is that Medicaid is for people that can qualify for the program, and the government sets the rules on qualification."
However, Haiman quickly pointed out that the rules for qualification are so tricky that one often needs to legally manipulate the system in order to qualify for Medicaid. To get around this, the Haiman Hogue law firm offers an Elder Care Protection Plan.
When asked about the benefits of the protection plan, he said, “You can protect most of the inheritance. A lot of my elderly clients have worked hard their whole lives, and they want to leave stuff for their children and grandchildren. And this can do that. We can save the house. Unfortunately, a lot of people that get on Medicaid could lose the house if they don't do it properly upon passing."
Furthermore, according to Haiman, this plan can protect the healthy spouse so that they can continue living the lifestyle that they are used to living.
Source: http://RecommendedExperts.biz
Contact Info:
Name: Fred Haiman
Email: Send Email
Organization: Haiman Hogue, PLLC
Address: 2595 Dallas Parkway, Ste. 100, Frisco, Texas 75034
Phone: 469- 893-5337
Website: https://www.haimanhogue.com
Source: MM-REB
Release ID: 88986241
