Medicaid Planning is a way to protect people’s assets from the threat of long-term care expenses. Our attorneys work legally and ethically to protect your assets when qualifying for Medicaid.
If you or someone you love require long-term care in a nursing home or assisted living facility, but lack the money to pay for it, you may consider applying (or helping your loved one apply) for Medicaid, the joint federal-state program that offers health coverage to eligible low-income seniors. While many people have access to Medicare, Medicare is not going to cover long-term nursing home expenses. For Medicaid eligibility for long-term care, an applicant must have limited income and assets (as well as have a functional need for long-term care). If the applicant’s income or countable assets exceed Medicaid’s financial limits in your state, it is possible to become eligible by “spending down” one’s income or assets to the point where they become financially eligible.
While a Medicaid spend down can be a savvy strategy, the rules, restrictions, and requirements can be complex and confusing. And it is not your only option. Careful planning can provide Medicaid asset protection to your family, while providing the applicant or institutional spouse the financial support he or she needs for long-term care. Care and consideration must be made to maximize the resources available to the Community Spouse (if applicable) through the Medicaid Community Spouse Resource Allowance (CSRA) or the Monthly Maintenance Needs Allowance (MMMNA), and issues such as estate recovery, and much more, must be addressed. A variety of options and solutions can include setting up a Miller Trust, QIT (Qualifying Income Trust), Special Needs Trust and more. But how do you know which is best for your situation and family’s protection? And is it already too late to evaluate your options?
You are not alone. Let our skilled attorneys help navigate this complicated system with you. Whether it be through the implementation of a Medicaid crisis plan to prevent the unnecessary dissipation of all of one’s life savings in the event nursing home care is required, or Medicaid asset protection planning in advance of needing nursing home or assisted living facility care, we are here to help.
ELPO LAW ATTORNEY:
Leah A. Morrison