Tuesday, July 17, 2018
In too many cases, nursing home residents drain all of their assets on long term care. Fortunately, our Medicaid attorney can help your family plan for nursing home care before it costs you your life savings.
Continue reading to get the facts about Medicaid planning and what you should know before you retire or need to be admitted to a nursing home.
For more information on how to avoid a Medicaid spend down, schedule a consultation with our elder law attorney today.
1.) What is Medicaid?
Medicaid is a health insurance program funded by the state and federal government for people who have very low income and are elderly, blind, or disabled. It's important to understand that Medicaid may cover some (not all) of nursing home costs, which is why we recommend hiring our estate planning attorney to protect your assets.
Each state (including Michigan) operates the Medicaid program locally through its social services department. This department determines Medicaid eligibility by setting limits for income and assets. Our attorney can help you fill out your Michigan Medicaid application and understand how Medicaid fits into your retirement planning.
2.) Am I eligible for Medicaid?
Medicaid eligibility is based on financial need. To apply for Medicaid, you must prove that your assets and income don't exceed limits set by the government. Our elder law attorney will know how to apply for Medicaid so you can get the financial assistance you need for nursing home care. Medicaid insurance covers essential health care services.
Medicaid eligibility varies from state to state and can be complicated. Although Medicaid is controlled at the federal level, each state establishes its own:
- Medicaid program
- Type, amount, duration, and scope of services
- Eligibility standards
- Payment rate for services
3.) What is Medicaid planning?
Medicaid planning allows you to “rearrange” assets so you qualify for Medicaid benefits, typically those concerning long term care. The ultimate goal of Medicaid planning is to shelter countable assets from being completely spent on nursing home care. That way, you won't spend through all the savings you spent a lifetime to build in a matter of months.
4.) Do I Need a Medicaid Attorney?
Michigan has extended their Medicaid programs to cover individuals below specific income tiers. If you are looking to qualify for Medicaid, you should seek an experiencedattorney to help you get started.
It's never too early to discuss estate planning and asset protection. It is better to contact an elder law attorney before you need long term care. You will be able to make important decisions on your own, free from pressures that can be brought on from serious health issues.
5.) When should I start Medicaid planning?
Don't spend all your life savings on long term care. By taking steps in advance, our elder law attorney can help you protect assets from Medicaid spend down. Our estate attorney will be able to help you use asset protection strategies that are ethical and legal.
Attorney Rob Longstreet of Longstreet Elder Law & Estate Planning PC is dedicated to helping clients plan for the future and avoid Medicaid spend downs. To schedule your consultation with our Hastings elder law attorney, call (269) 945-3495.