Chester County Social Security And Medicaid Planning
The cost of nursing home care is simply staggering. The Pennsylvania Health Care Association states that the median annual cost of a private room in Pennsylvania is nearly $100,000. A few years of nursing home care can wipe out a lifetime’s worth of savings. With careful and proactive planning, however, you can prevent this from happening.
At Hudson L. Voltz, P.C., our Chester County attorneys provide the full range of Medicaid planning services to people across the region. Attorney Janet Satterthwaite of our firm has been named as a Top Lawyer on the Main Line in the field of Elder Law and can assist you through the various options particular to your situation.
Devising Strategies To Achieve Medicaid Eligibility
Perhaps the most important issue to be aware of in Medicaid planning is what is known as the lookback period. Under this rule, the government can “look back” at your assets for up to five years to see if you made gifts or transferred assets to loved ones. If you have, your eligibility for Medicaid will be delayed. You cannot simply give your assets away and expect to qualify for Medicaid.
There are, however, exceptions to the lookback period, and strategies to overcome this law. With a full understanding of these exceptions and strategies, we can develop the best solution for your needs. For example, a caregiver agreement for a loved one may help you qualify for Medicaid while helping you get needed care from a loved one. In other times, multiple strategies may be required to achieve eligibility. Whatever your needs, you can depend on us to create a plan that is in your best interests.
Planning For Social Security Eligibility
For many retirees, Social Security is a major or even source of income. Many individuals nearing retirement age have important questions about when to seek Social Security eligibility. Obviously, the earlier one elects to begin receiving Social Security, the longer he or she may receive these benefits. On the other hand, if one waits a few years, the actual payments received from the Social Security Administration will be larger. There are a host of strategic factors that go into making this decision. Our lawyers can help you or your parents understand the benefits and potential disadvantages of various approaches.
Contact Hudson L. Voltz, P.C.
Contact the law firm of Hudson L. Voltz, P.C. at 610-518-9500. We offer evening and weekend appointments upon request. We also accept payments by credit card and offer payment plans.