Significance Of Medicaid Planning For Senior Citizens

WHAT IS THE NEED OF MEDICAID PLANNING FOR SENIOR CITIZENS ? Cost of Senior Care in Florida The Florida Health Care Association reports that in 2023 , the median annual cost of care for a private room in a skilled nursing facility will be $ 100,375 , while the median cost for a semi - private room will be $ 89,297 . For assisted living facilities , the median cost of care for a private room is $ 48,000 . ( 2 ) Importance of Medicaid Planning Without Medicaid coverage , the average length of stay for patients in skilled nursing facilities is 386 days , leaving many seniors with bills that are impossible to pay . This is where Medicaid planning becomes crucial , as it helps alleviate the financial pressure on elderly individuals and their families . 3 ) Entitlement to Medicaid Benefits and Protecting Assets All taxpayers pay into the Medicaid system throughout their lives , and those with higher assets and incomes have usually contributed substantially more . Platinum believes these individuals are entitled to Medicaid benefits and should not have to deplete their assets to receive the care they need . 4 1 The Importance of Medicaid Planning for Middle - Class Senior Citizens Most individuals needing long - term care fall into the middle category of not being destitute or rich . For example , a patient with $ 50,000- $ 100,000 in assets would quickly deplete their savings in a skilled nursing facility without Medicaid . https://platben.com/