Once we reach an advanced age, we may no longer be able to care for ourselves and will require assistance in our day-to-day lives. The concern for many seniors is the fact that long-term care is incredibly expensive. Whether you hire an at-home caregiver or spend time in an assisted living community, this can cost hundreds of thousands of dollars. The sticker shock of long-term care for the elderly is simply too much for many families. So what can you do about it?
Medicaid is a government program available to low-income seniors to cover the cost of long-term care, including nursing home care and medical expenses.
For the elderly to be eligible for Medicaid, the individual must be:
Although there are asset limits, this doesn’t mean you have to give away your life savings or spend recklessly in order to meet the eligibility requirements. With careful and preemptive planning, you may be able to creatively restructure your assets in a way that allows you to maintain your eligibility.
It is wise to speak with a Medicaid attorney about ways to shield the assets you’ve worked hard to build while still qualifying for Medicaid. There are numerous things to consider, such as tax consequences, strict transfer rules, exemptions, and many other intricate aspects in Medicaid planning. Our elder law team in Nassau County can walk you through the process and explain how everything works. We can discuss the pros and cons of each option and find a plan that works for you.
First we listen, then educate, then we empower you to make informed decisions about your future.
Contact us at (516) 806-4414 to discuss your questions about Medicaid.