Medicaid is a joint federal-state program that provides health insurance coverage to low-income children, seniors and people with disabilities. Both the federal government and most state governments have made many changes to the eligibility requirements and restrictions over the years.
Changes most recently occurred with the passage of the Deficit Reduction Act of 2005, which significantly changed rules governing asset transfers. The implementation of these changes is occurring state-by-state. To be certain of your rights under the Act, you should consult with an expert as the rules are complex. Careful planning, whether in advance or in response to an unexpected need for care, can help protect your estate for your loved ones.
Medicaid is NOT welfare! Consult a professional before you spend down your life savings.
Cost of Long-Term Care
Nursing home care is expensive. If you must go into one, will your spouse have enough money to live on? With a little planning, the answer to this question can be a resounding “Yes”!
Failure to properly plan for long-term care can devastate a family financially. Many nursing home residents end up needlessly exhausting their assets on long-term care, but it doesn’t have to be this way. Through proper planning, it is possible to provide for your long-term care while preserving assets for you and your loved ones. The best time to plan for the possibility of nursing home care is while you are still healthy. With proper planning, you may be able to pay for your long-term care, provide cash flow for your spouse and protect most, if not all, of your assets for your loved ones.
This is where we come in. The Law Office of Jack W. Bolling P.C. will work with you and your family to plan for future long-term care needs and relieve you and your family of the financial burden.
- Do I have to spend my entire life savings before I can qualify for Medicaid assistance?
- Does Medicare cover the costs of long-term care?
- Is it too late to quality for Medicaid assistance if I do not plan in advance?
- Will a State caseworker help me protect my assets and still qualify for Medicaid?
No. With proper planning many, if not all, of your assets can be preserved for you and your family.
Medicare covers only certain “skilled” services for a limited period of time and only under certain conditions. After that, Medicare does not cover long-term care costs.
No, you can still protect your assets but you may have fewer options.
No, although the State agencies are very helpful, most often they cannot explain how to protect your assets and still qualify for Medicaid.