Medicaid/Long-Term Care Planning
Paying for long term nursing home care is a major consideration for many older adults today. The costs of long term care are very expensive and continue to rise. Whether that long term care is at home or in a nursing facility, the costs of that care can be a tremendous strain on an individual, married couple or family. Medicaid may be an option for paying for long-term care, but it is important to understand that there are strict laws governing eligibility for Medicaid.
Medicaid planning works best for people who are healthy now but want to prepare for the possibility that they will need long-term care in the future, which is often referred to as pro-active planning. It can also be for people in what is often referred to as a Medicaid crisis situation. That is a situation where an individual has already entered a nursing home or will be going to a nursing home soon, but may have too many assets to qualify for Medicaid.
The rules governing Medicaid are complicated and constantly changing. There are restrictions on how much property an individual or married couple may own as well as restrictions on income. Medicaid also looks at transfers of assets to determine eligibility, and there are strict rules regarding transfer of assets. Medicaid planning involves protecting assets from Medicaid.
Our attorneys can help you navigate the complicated rules for Medicaid eligibility and put together the best plan to protect your assets whether it is a crisis planning or pro-active planning situation.