As the population of senior citizens in Florida continues to grow, the need for Medicaid planning services is becoming increasingly important. Here are some statistics that highlight the growing demand:
According to Consumer Affairs, as of 2023, 20.1% of Florida's population is over 65 years old, which is approximately 4.2 million individuals.
A study from the University of Florida estimates that by 2040, over 25% of Florida's population will be over 65. This is projected to be around 5.225 million Florida residents.
A study by the University of Virginia predicts that Florida's population will grow by 32% between 2020 and 2040, with an estimated 28,886,983 residents in 2040.
Combining this projection with the University of Florida's study, it is estimated that there will be 7.2 million Florida residents over 65 in 2040. Therefore, there is a significant opportunity to provide Medicaid planning services for senior citizens in Florida.
Given these projections, the demand for Medicaid planning for senior citizens in Florida will only continue to rise in the coming years.
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. These numbers are significantly high and can create an unsustainable financial burden on senior citizens and their families, especially those with modest, fixed incomes.
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. For attorneys, the growing need for Medicaid planning for senior citizens in Florida presents an attractive opportunity to assist and make a meaningful difference in their clients' lives.
Some argue that it is an abuse of the system and should only be available to those who cannot afford long-term care on their own. However, Platinum disagrees with this view.
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. However, Platinum acknowledges that Medicaid should not necessarily protect those with estates worth millions.
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. Platinum believes that Medicaid planning for senior citizens can help restructure assets and income to qualify for Medicaid, preventing the unnecessary depletion of hard-earned savings.
Exceptional Medicaid Planning Assistance for Senior Citizens:
Platinum is dedicated to helping clients and attorneys in the process of Medicaid planning for senior citizens. If you want to learn more about how Platinum can help your firm offer exceptional Medicaid planning services, please get in touch with us at 1-800-582-1934.