The financial aspect of care at The Laurels of Chagrin Falls

By Jason O’Brien, The Laurels of Chagrin Falls Regional Director of Business Development

For seniors and their families, the financial aspects of transitioning to long-term care can be complex, intricate and far-reaching.

At The Laurels, we work directly with people through an ethical and compassionate approach to protect and preserve their assets. For peace of mind during this complicated process, I’m proud to report that we routinely assist people in filling out the Medicaid Application and guide them through every step.

Tapping into the top elder law attorneys in the area, we consult with individuals to help take the worry out of the fiscal ramifications surrounding Medicaid.

Meg Pauken, of Pauken Legal Services LLC in Chagrin Falls, is one of the elder law attorneys who has helped educate people in the community by offering seminars at our facility.

She says tools such as irrevocable trusts can help people save their home and assets by putting them in trust, under the care of a trustee they appoint.

“Another main consideration when it comes to planning ahead for Medicaid is the five-year look back period,” Meg explains. “The agency looks back five years from the date you apply for Medicaid and any gifts or transfers of assets made during that period could subject you to penalties.”

Unless there are existing health conditions, she recommends families start planning a strategy to protect their assets when their parents are in their late 60s to early 70s.

The Laurels of Chagrin Falls is located at 150 Cleveland Street in Chagrin Falls. The 82-bed facility offers rehabilitative care, short-term and long-term skilled nursing, respite care, out-patient therapy and hospice services. For more information, call 440-247-4200 or visit LaurelsOfChagrinFalls.com. To find out more about Medicaid, visit Medicaid.gov.