When is Medicaid Crisis Planning Appropriate
We are all getting older whether we like it or not. And, we are living longer, too. So, our chances of ending up in a nursing home have increased. Most of us are not prepared to private pay for nursing home care. And, we often don’t think about paying for nursing home care until we need it. And that is where Medicaid crisis planning enters the picture.
What is Medicaid?
Medicaid is a joint federal and state program available to individuals who meet certain asset requirements. If you qualify, Medicaid helps you pay for long-term care (LTC) costs. Long-term care often creates devastating financial impacts on Americans, particularly the elderly, and for those family members who lose hours of income (and more) while providing care for their loved ones. The Medicaid system is still one of the best options to afford long-term care. Medicaid crisis planning is a strategy that can help you qualify for Medicaid without experiencing financial ruin.
As a joint federal and state social safety net, Medicaid differs by eligibility rules and regulations in every state, and even by name. Unfortunately, people often wait until a catastrophic event brings about sudden illness, disability, or other medical crises before planning long-term care. Under duress, a family system will listen and take advice from misinformed individuals, such as non-attorneys or attorneys who do not practice elder law. Perhaps unwittingly, these people tend to give the worst advice: spend everything you have until you qualify under the Medicaid eligibility rules. Though this approach can work, there are far better strategies that can be employed.
Elder Law Medicaid Crisis Planning
With the help of an elder law attorney, Medicaid crisis planning allows you to qualify for Medicaid nursing home/LTC without spending down all of your life’s assets. Working with an elder law attorney to devise a personal Medicaid crisis plan is a logical and financially prudent approach to long-term care and allows you or a loved one to use legally approved strategies to qualify for Medicaid before spending everything you own on the high cost of nursing home care.
If you have a loved one who is either in a nursing home or about to enter a nursing home, that is the time to speak to an elder law attorney. There are legal strategies that allow a person who needs long-term care to divest themselves of some of their assets, and use the rest to pay for their care until Medicaid eligibility is met. The sooner an elder law attorney is employed, the quicker Medicaid eligibility can be met. However, it’s never too late, even if you or a loved one are already in a nursing home.
The level of complexity involved in Medicaid crisis planning deems it necessary to retain an elder law attorney, preferably one specializing in Medicaid planning. Eligibility requirements vary, calculations are complex, timing is crucial, forms are ever-changing, and laws are amended. An elder law attorney can tailor your financial situation to the best Medicaid crisis planning solution and protect your financial future.
If you, or someone you know, needs nursing home care, please contact us. We would love to help you get your loved one qualified for Medicaid. And, maybe save a substantial portion of your assets.