Have you and your loved one just received the news that your loved one has Parkinson’s disease? Are you learning that as Parkinson’s progresses, the inability of your loved one to walk, bathe, and dress increases, as does the risk of falling? Also, if Parkinson's prohibits your loved one from living in his or her home, you and your loved one are now faced with the difficult decision of having to move your loved one into a nursing home.
With the decision to place a loved one in a nursing home, there is also the question of how to afford the exorbitant cost of the nursing home? How can you pay for a nursing home if your loved one has Parkinson’s?
Start by determining if your loved one has any benefits which could possibly cover the cost of a nursing home. These benefits could include a long-term care insurance policy, life insurance policies, which can be cashed out, or veteran’s benefits. If your loved one does have one or more of these benefits, gather all the supporting documents, which may include original insurance policies or proof of veteran’s benefits and make copies. By talking about and locating these benefits now, you have the required proof of coverage should your loved one’s mental capacity decline as Parkinson’s progresses.
Next, you should seriously consider meeting with a qualified Florida elder law attorney. An elder law attorney, experienced in the area of long-term care planning, can assist in the review of any benefits you believe may cover the cost of a nursing home. In addition to the benefits, meeting with an elder law attorney can be one of the most reliable ways of determining how to afford a nursing home, when the time comes. In the discussion of paying for a nursing home you and your loved one need to know that Medicare does not cover the cost of any long-term nursing home care, Medicaid does. However, eligibility for Medicaid is based upon your loved one’s assets and, again, a qualified elder law attorney may assist in the drafting of planning documents, such as a trust, which may make your loved one eligible for Medicaid. This type of planning is most effective if conducted early, because there are time limits on the transfer of assets, which may affect Medicaid eligibility.
We know that a diagnosis of Parkinson’s disease is stressful, and it typically comes with many other issues to navigate. By working with a qualified Florida elder law attorney early in the diagnosis, you and your loved one can develop the best strategy of helping to assure your loved one will be able to afford a nursing home when the time comes. Your loved one will then have the peace of mind that he or she will receive the care that he or she needs, and you and your loved one can focus on sharing quality time in the present and future.
Our office is here to help you navigate the legal issues related to seeking and covering the cost of memory care. We encourage you to contact us and schedule a meeting with our attorneys.