Protecting Your Savings with Medicaid Planning
Do you or a loved one have an immediate need for nursing home care?
Are you anxious that the cost of nursing home will wipe out your savings?
Have you been told that your income or assets are too high to qualify for nursing home Medicaid?
If you answered yes to these three questions, you may benefit from Medicaid planning.
The cost of a nursing home in Georgia averages $155 a day, that is over $4,500 a month and $55,000 a year. Such expenses can exhaust retirement savings in a matter of years. Many people who need a nursing home think that their only option is to exhaust their savings to pay for a nursing home. They have been told that they do not qualify for nursing home Medicaid because they have too many assets. In many cases, a significant percentage of assets can be preserved and still qualify a person for nursing home Medicaid.
At Nabors Law Group, we help clients understand their options for affording the rising cost of nursing home care. There are legal ways to get Medicaid coverage for nursing home care even if a person’s income and/or assets are above the limits for Medicaid. With a customized plan that addresses an individual’s assets, care needs, family obligations, and personal desires, those who have an immediate need for nursing home care have choices about their lives. After providing a detailed plan to meet the unique needs of the person, Nabors Law Group will provide assistance in putting this plan into action. As most nursing homes in Georgia accept Medicaid, it is possible to get quality care without exhausting your resources.
Call today to schedule a free consultation to create a custom plan to protect your savings.
Frequently asked questions about qualifying for nursing home Medicaid.
Can I simply give away assets to qualify for nursing home Medicaid?
Yes and No. You can give away assets but you will incur a Medicaid penalty period in which you or your loved will not be eligible for Medicaid and have to pay for this cost out of pocket. So, while possible, it doesn’t necessarily preserve the assets while getting the care that is needed.
Is my house exempt for Medicaid?
The eligibility rules for nursing home Medicaid exclude the value of a primary residence up to a certain amount of home equity. Although a home is exempt, planning may be needed to ensure that Medicaid does not put a lien on the home at the Medicaid recipient’s death. Although the home is exempt, Medicaid can put a lien on the home requiring that the home is sold to payback money to Medicaid. Pre-planning can prevent this from happening.
If I am on Medicaid, will I receive substandard care?
No. The vast majority of nursing homes in Georgia accept Medicaid. It is illegal for nursing homes to provide less care to those residents receiving Medicaid. Medicaid will pay for a semi private room, and it is the option of the nursing home resident to pay extra every month for a private room. Medicaid planning can help you save assets to give you or your loved one a private room, extra help or life’s little luxuries.
Can I follow the advice of the nursing home in spending down assets to qualify for Medicaid?
Yes, but such may be costly advice. It is in the interest of the nursing home to have a resident private pay as long as possible before going on Medicaid. The plan suggested by the nursing home may cause you to pay thousands more than needed for nursing home care. Unlike a nursing home, an experienced elder law attorney has a duty to consider only the client’s interest when creating a customized plan. With Medicaid planning, the maximum amount of assets can be protected.
Can I just apply for Medicaid and see if I am approved?
Yes, but this is risky. If the applicant is not qualified when the application is submitted, this can cause a delay in benefits. Such delay can cost thousands of dollars in nursing home expenses. A customized Medicaid plan and associated Medicaid planning ensures that the applicant is qualified for Medicaid when the application is submitted, which avoids any costly delays.
I have been denied nursing home Medicaid in the past because my assets were too high or because I transferred assets, can I get on nursing home Medicaid?
Yes, in many cases qualification for nursing home Medicaid can be obtained even with a previous denial. The reasons for the previous denial can be addressed by the Medicaid planning.
The Medicaid application looks short and easy. why do I need a lawyer to complete it?
The application is deceptive in that there are many areas in which an applicant can cause a denial of Medicaid. If the applicant has substantial exempt assets or has made transfers, the documentation must be completed in a specific way to ensnare qualification. When the application is submitted by an experienced elder law attorney following planning, all transactions are clearly explained, which significantly reduces the waiting period for approval.