Most parents choose to treat their children equally when it comes to inheriting property or…
Medicaid is a joint federal and state program available to individuals who meet certain asset requirements that help them pay for long-term care (LTC) costs. Sudden necessity for long-term medical care often creates devastating financial impacts on unprepared Americans, especially if they are elderly, and for those family members who on a dily basis may lose hours of work and income while providing care for their loved ones. Even for those individuals who timely planned and purchased a long-term care policy, but even more so for those who did not, the Medicaid system is still one of the best options to afford long-term care. Medicaid crisis planning is a last-resort 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 for their impending long-term care. Trusting and scared family members, especially elderly, afraid of facing the unknown they never prepared for, will unfortunately often listen to and take advice from misinformed individuals, such as non-attorneys (friends or neighbors) or attorneys who do not practice elder law (but believe they’re right by virtue of their profession alone). Perhaps unwittingly, these do-gooders 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.
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, now 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 properly restored. 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 constantly amended. An elder law attorney can tailor your financial situation to the best Medicaid crisis planning solution and protect your financial future.
If you have questions or would like to discuss your own situation in a confidential setting, please don’t hesitate to reach out. You can get in touch with the our firm offices by clicking here to book a complimentary consultation, emailing us at [email protected], or by dialing us up at (212) 920-6371.