Seniors and Financial Issues – The Alabama Elder Care Law Firm, LLC

Questions You Need to Ask If Your Parents Are Running Out of Money

March 21, 2022

When money is running out, it’s important to ask your parents these questions. Have this conversation as early as you can, as Medicaid applications take time and can be stressful.

Why It’s Important to Have a Lawyer Draft Your Mom’s POAs

March 7, 2022

A power of attorney (POA) is an important legal form that allows someone else to make medical or financial decisions.

Three Things Families May Not Realize About Dementia Care

February 14, 2022

Alzheimer’s is the most common type of dementia. It’s one that often catches families off-guard with just how difficult it can be to ensure quality care for their parents.

Three Examples Where a Medical Power of Attorney Helped Out

June 1, 2021

An advance directive or medical power of attorney provides a person with the legal authority to manage another person’s health care matters.

You’ve Heard People Talk About a Lady Bird Deed, so What is It?

March 22, 2021

Lady Bird deeds are an enhanced life estate deed that’s only available in a handful of states.

- Questions You Need to Ask If Your Parents Are Running Out of Money
  March 21, 2022Medicaid Planning Mountain Brook, AL: Seniors Running Out of Money Why would your parents want to talk to an elder law expert about Medicaid planning? There are several reasons. One of the biggest occurs when one parent is healthy, but another has a debilitating illness like Alzheimer’s disease. At some point, the need for long-term care is essential, but it’s also expensive. Health insurance and Medicare do not always cover the care that someone with Alzheimer’s needs. If the cost of care threatens to drive the surviving spouse into bankruptcy, it’s best to start looking into the Medicaid process. When money is running out, it’s important to ask your parents these questions. Have this conversation as early as you can, as Medicaid applications take time and can be stressful. What Are Their Long-Term Goals? Do your parents plan to age at home, or are they okay moving in with a family member? If so, is their house paid off? That can free up some money for caregivers, but they don’t want to spend so much that the other spouse is left penniless. While you’re discussing their goals, find out if they have long-term care insurance. If so, it’s time to look at that policy and see what it covers and how long the coverage will last. How Is Their Health? Talk about your parents’ health needs. Some chronic health conditions are expensive. The prescription medications, medical costs, and care needs vary from one disease to the next. They can’t forgo quality care due to worries of the expense, however. They need to plan accordingly. Even if they’re healthy, they need to consider the future. If your dad’s father, grandfather, and great-grandfather all had strokes, he faces a higher stroke risk. Your mom’s family has a long history of breast cancer. That increases the chances that she’ll also be diagnosed. They may spend quickly on medical bills and medications. Do They Have a Will? If your parents have a will, was it drafted by an elder law attorney or created for free online? To ensure they don’t put their assets at risk, they need to have an expert in Medicaid planning look at their will. If they don’t have a will, they need one. Medicaid rules can be very complex and challenging for the layperson to understand. If your parents believe they’ll eventually need to qualify for Medicaid, talk to an elder law expert. A specialist in Medicaid planning can help them understand the five-year look-back period, Medicaid rules, and when it’s time to apply. Schedule a consultation with an elder law specialist about Medicaid planning today. The sooner your parents understand the rules to Medicaid, the better it will be when it’s time to apply. If you or a loved one need assistance with Medicaid Planning in Mountain Brook, AL contact The Alabama Elder Care Law Firm, LLC today. (205) 390-0101...