Without long term care insurance or the ability to privately pay for long term care, Medicaid is the most common option to pay for long term care. Medicare, unlike Medicaid, provides limited and short term coverage for rehabilitative institutionalized care or hospice care. Few residents quality for Veteran’s benefits. Medicaid is the primary provider/payer of nursing home care in the United States. Medicaid eligibility varies from state to state and is very strict.
The eligibility requirements are complex and changing. The regulations involve a five (5) year look back period, consider income gaps in a couple’s combined income and impose transfer penalties and waiting periods. There are numerous exceptions to the rules you need to know about. You must also meet medical eligibility requirements in addition to the income and asset requirements that we will review with you.
We assist clients with planning to avoid the financial ruin of the high cost of long term care. We help you to design a long term care plan to protect the healthier spouse that may be able to live at home and, at the same time, careful planning will offer a better chance of providing a small inheritance to your children in the proper situation. Friends, family and your co-workers (and even the internet) like to offer information about Medicaid. Much of it is inaccurate or does not apply to your particular situation or is not utilized in every jurisdiction. Legal experience and legal advice in this area is crucial to protecting your hard-earned savings. We advise our clients in this area and guide them through the Medicaid process. This includes planning options, preparing the Medicaid application and attending the caseworker meetings, assisting with gathering the records and documents you will need to apply for Medicaid or other benefits and handling appeals of incorrect Medicaid eligibility related decisions.