Even if you have built a significant nest egg for retirement, the cost of nursing home care or assisted living can still deplete your assets extremely quickly.
With that in mind, now is the time to explore every available option for defraying those costs.
Effective Medicaid planning can help cover the cost of nursing home care or assisted living.
Medicaid benefits are available to seniors with limited income and assets, and the purpose of Medicaid planning is to help ensure your eligibility for these benefits while also preserving your life’s savings.
The eligibility requirements for Medicaid are complex. Certain assets are characterized as “available,” “unavailable” or “exempt,” and there are rules regarding a five-year look back period and transfer penalties.
Any such transfer of wealth for the purpose of Medicaid planning should be made only with the help of an experienced elder law attorney.
Medicaid planning can be integrated with other solutions.
At Johnson Hobbs Squires LLP, we help Waco-area seniors qualify for Medicaid coverage. When appropriate, we also integrate Medicaid planning with other solutions, which may include:
- Veterans benefits
- Social Security benefits
- Private disability benefits
- Long-term care insurance
- Trust planning
We also help Texas families explore their options for Medicaid coverage in the midst of a medical crisis. Medicare covers nursing home care for only a short time, and after that brief period, patients must find a way to pay for nursing home care. We take swift action to determine whether Medicaid coverage is an option.
For more on these matters, please see our Elder Law overview.