Federal laws can protect your loved ones from becoming totally impoverished because of your Long Term Care costs.
Most people who make the decision to move into a nursing home do so during a time of great stress. Some of them end up in a hospital after a stroke. Some have fallen and broken a hip. And others still have progressive dementia like Alzheimer’s disease, and that they can’t get the care that they need in their own homes.
Whatever the reason, the spouse or relative who helps a person transition faces the immediate dilemma of finding the right nursing home. Then must find a way to cope with a bill that may total several thousand dollars per month.
Fortunately, the Medicaid Program can help. In fact, in our lifetime, Medicaid has become the Long Term Care resource of the Middle Class. About two-thirds of the nation’s nursing home residents have their cost of care paid in part by Medicaid. But the eligibility to receive Medicaid benefits requires that you meet certain criteria regarding income and assets. The reason to seek Medicaid assistance is simple. You need to protect enough assets for the security of your loved ones.
Things to Consider
The qualification rules for Medicaid are complex and confusing. Not having the proper Advocate to assist you with the qualification process, you might end up spending more money than you should and even jeopardizing your family’s security.
Things to consider when doing a Medicaid crisis plan include:
- Getting a handle on your current Medicaid eligibility. Any ‘red flags’ to deal with? Gifts or transfers of assets to family members, friends, or even your spouse can cause a loss of benefits.
- Determine what assets can be protected. Some assets are exempt and some are not. Do the crisis plan carefully. One wrong move could result in a penalty, during which time Medicaid benefits will be denied. Don’t do anything without fully understanding how it will impact your eligibility and the application process.
- The application process for Medicaid Benefits can be complex. The Department of Human Services wants to see everything you have done with your money for the last five years. If the caseworker finds anything not permitted by ‘the rules,’ then you may have to wait through a penalty period without benefits.
Becoming eligible for Medicaid could save you thousands of dollars each month on nursing home bills. But you need to do it correctly. We are dedicating to helping you and your family finding and utilizing every benefit available to you.
If you have a parent or loved one who may need home health, assisted living, or Long Term Care assistance in the near future. Please contact our office to arrange a FREE 1-Hour Initial Consultation.
The information provided on this blog is intended as general information only for a broad audience. It is not intended as legal advice and should not be acted upon as such. If any reader has questions or concerns about any matter mentioned herein, he/she should contact an Elder Law Attorney or other appropriate professional.
If any reader has questions or suggestions about a future topic area that he/she would like to see discussed, please contact the author at doug@arkelderlaw.com.