Statistics show that one in four individuals will require nursing home care. Nearly half of all nursing home residents rely on Medicaid benefits. Why? Nursing home care is extremely expensive. While some people have the financial means to pay on average $7,500 a month for a nursing home, or are able to obtain long-term care insurance, many of us are not in that position. One solution is to preplan for Medicaid eligibility. Advanced planning allows you to obtain nursing home care while protecting your assets.
What Exactly Is Medicaid and How Do I Qualify?
Medicaid is a joint program between the state and federal governments that provides health insurance and nursing home coverage for low-income adults, including those over 65 or who are blind or disabled. To qualify, your income and assets must not exceed certain limits.
Although your current income and assets may exclude you from Medicaid eligibility in the future, with proper planning, you can:
- Transfer assets to beneficiaries
- Prepay funeral expenses
- Set aside money for your daily expenses
- Qualify for Medicaid to pay for nursing home and medical care
What’s the Benefit of Starting Medicaid Planning Early?
There are strict laws regarding transferring wealth and assets. You need to allow yourself sufficient time to meet Medicaid eligibility criteria. Otherwise, you will be denied benefits.
An experienced TuckerAllen elder law attorney can work within the complex rules and regulations surrounding Medicaid eligibility. Therefore, should you one day need nursing home care, Medicaid would cover the expenses, leaving assets to provide for your spouse and a legacy for your children. It’s never too early to discuss asset protection.
Medicaid Asset Protection Trust
If you are concerned about leaving a legacy to your family and preventing the loss of your assets due to the high cost of a nursing home, a Medicaid Asset Protection Trust may fit your needs. This irrevocable trust, funded for five years before Medicaid is sought, meets current legal requirements to prevent assets from rendering you ineligible at the time of application.
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