Plan Ahead To Qualify For Medicaid
Statistics show that 1 in 4 individuals will require nursing home care in their elder years. What many do not understand is that nursing home care is extremely expensive and can quickly deplete the money and assets you have worked all of your life to secure. While some have the financial means to pay up to $5,000 a month for a nursing home or are able to obtain long-term care insurance, most are not in this position.The solution in many situations is to preplan for Medicaid eligibility.
What Is Medicaid And How Can I Qualify?
Medicaid is a joint program between the state and federal governments. It 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 advance 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
It is important to note that in addition to strict laws regarding income and asset limits, there are strict laws regarding transferring wealth and assets. If you do not comply with transfer laws, you will be denied Medicaid benefits. With such important matters, you do not want to risk mistakes or inaccuracies. That is why it is vital to work with an experienced estate planning and elder law attorney.
Protect Your Assets And Your Future Well-Being With Advance Nursing Home Planning
At The Elder & Disability Advocacy Firm of Christine A. Alsop, LLC, we are here to assist in planning for your future. Our attorneys will help create a legally compliant plan to reallocate your assets so that Medicaid will not consider them when determining eligibility. This way, if you need nursing home care in the future, Medicaid will cover the expenses and you do not have to use your own resources.
Thinking about a time when you can no longer care for yourself may seem too scary to address now. However, all of our clients find that after they have established a Medicaid eligibility plan, they are able to enjoy the present much more knowing their futures are secure.
Contact Our Medicaid Benefits Lawyers In St. Louis, Missouri
When you are ready to think about planning to ensure Medicaid eligibility, we’ll be here to listen. Contact us online or call 314-644-3200 — our Medicaid planning attorneys will help you find solutions that meet your needs.
In the maze of confusion, there is a solution.
