Many people are worried about having to go into a nursing home as they get older, in large part because of the costs associated with care. You may also be concerned not just about the expenses associated with a nursing home, but also about how you will pay all of your medical expenses if you have a serious illness or an injury.
One option which can provide comprehensive coverage for medical treatment and nursing home care is Medicaid. Medicaid is offered through the government and is means-tested, which means there are strict limits on how much you can earn and how many assets you can own before you become disqualified from receiving Medicaid benefits. You can, however, create a plan to ensure that assets you have worked hard for your entire life will not prevent you from getting Medicaid benefits if you need them.
The Law Offices of James A. Miller, P.C. can provide you with assistance with the Medicaid planning process. If you live in Worcester, Burlington, or surrounding Massachusetts areas, we can provide the assistance and advice that you need. Give us a call at 866-417-4566 or contact us online for personalized advice and to get answers to questions including:
- When is Medicaid planning important?
- What is involved in Medicaid planning?
- How can a Burlington Medicaid planning lawyer help?
When is Medicaid Planning Important?
Medicaid planning is important in any situation where nursing home care may become necessary for a person with assets. Nursing home care can cost more than $100,000 annually and custodial or routine care – the type most people require – is not usually covered by any type of insurance. Neither Medicare nor private insurance companies will generally pay for nursing home care, except in limited situations where there is a legitimate need for skilled medical assistance.
If no private insurance can pay for nursing home coverage, the person who requires care – or his family – could be forced to pay. However, Medicaid does pay nursing home bills. Medicaid is a means-tested government program offering healthcare benefits and nursing coverage to people with few resources and with limited incomes.
Medicaid can pay for the cost of a nursing home for people who do not have a lot of assets, but unfortunately it is common for seniors who require nursing home care to have acquired money and property during their lives. The senior who needs nursing home care could be forced to spend down assets, or essentially spend money and even sell property to pay for nursing care costs. Only after a legacy and lifetime of work is gone would Medicaid begin to pay nursing home bills.
Medicaid planning involves being strategic in how ownership of assets is structured, so this spend down of assets won’t be necessary. It is very important to act well before nursing home care becomes necessary in order to successfully save assets through Medicaid planning. As a result, you should start early once you have acquired assets and should talk with a Medicaid planning lawyer about what you should do to protect your growing nest egg.
What is Involved in Medicaid Planning?
Medicaid planning usually involves creating a trust, which becomes the new legal owner of assets which are being protected. When the right type of trust is used and proper protocols are followed, the assets held within the trust won’t count when an assessment of Medicaid eligibility is made. This means that a person can qualify for coverage for nursing care while the property he worked for is safely untouched in the trust.
There may also be other things done to try to protect assets during the Medicaid planning process. The specific steps which must be undertaken to best protect your property are going to be determined based on your own unique situation. An attorney can help with the process to make sure you have protected your property and can leave a legacy behind.
How Can a Worcester Medicaid Planning Lawyer Help?
The Law Offices of James A. Miller, P.C. provides comprehensive assistance with all aspects of Medicaid planning to clients in Worcester, Burlington, and surrounding areas throughout Massachusetts. We care deeply about helping our clients to protect their legacy and not lose their entire nest egg just because they are unlucky enough to need care in a nursing home setting. When you are ready to take steps to protect your future and make sure nursing home care is covered when you need it, contact us at 866-417-4566 or contact us online. A Burlington Medicaid planning lawyer is ready to help.