Qualifying for Medicaid can become vitally important as you get older. Senior citizens within the state of Massachusetts may develop costly healthcare needs and paying for care can become a substantial burden, even for individuals with Medicaid coverage. Many seniors will also develop a need for nursing home care. Nursing home care can be astronomically expensive, and Medicaid may be the only way for this care to be paid for, other than paying with personal assets.
The Law Offices of James A. Miller can provide you with assistance in determining Medicaid eligibility rules and in assessing whether or not you are able to get covered. We can also help you to make a comprehensive Medicaid plan to make certain that you can get coverage when you need it while protecting important assets that you own.
Give us a call to find out more about qualifying for Medicaid and getting the coverage that you need for nursing home care and the treatment of costly conditions.
Resource Limits for Qualifying for Medicaid
Medicaid is one of the only sources of payments for nursing home bills, other than private payment. Medicaid covers custodial nursing home care, which is normal routine nursing care that most people depend upon. Most private insurers will not cover custodial care, nor will Medicare. As a result, many seniors need Medicaid if they don’t want their whole life savings spent on a nursing home. Medicaid can also pick up the costs of Medicare deductibles and co-insurance costs.
Unfortunately, getting covered by Medicaid is hard for seniors because Medicaid is a means-tested program. Income limits exist that disqualify you if family income exceeds a certain amount. Resource limits also exist which prevent Medicaid coverage for people with too much money and property. Many seniors who meet income limits can find themselves having difficulty qualifying for Medicaid as a result of their resources.
The Massachusetts Guide to Senior Health Coverage explains that resources of more than $2,000 for a single person or more than $3,000 for a married couple can result in disqualification from Medicaid. Countable assets which are considered disqualifying resources can include bank accounts, CDs, mutual funds, stocks and bonds, and real property other than certain primary homes which are located within the state of Massachusetts. Even if your home is not counted as an asset, it could potentially be at risk of being taken by the state after your death as part of the Medicaid estate recovery process aimed at recouping the money spent on your medical care.
How Can You Make Sure You Qualify for Medicaid?
Many seniors are able to qualify for Medicaid coverage based on their limited household incomes. However, the resource limits can pose a problem. Most people who are older have acquired at least some property, assets, and savings. At least some of this is usually counted as a resource for purposes of assessing eligibility for Medicaid. This would mean you would not get Medicaid coverage unless and until you had spent down the money and sold the assets preventing you from getting covered.
You can make a plan in advance to protect your assets by working with a Medicaid planning lawyer. The Law Offices of James A. Miller can assist you in structuring asset ownership so the property and money you wish to protect does not count as an asset in terms of qualifying for Medicaid. This will allow you to keep your assets safe so they can become a part of your legacy.
Getting Help from A Massachusetts Medicaid Planning Lawyer
The Law Offices of James A. Miller can provide you with invaluable assistance in making a Medicaid plan. The goal of this plan is qualifying for Medicaid without having to spend down all you have worked to acquire. You deserve to be able to leave to your loved ones the property and money you have worked so hard to earn. We will help to ensure that this can happen by providing you with the assistance you need to protect as many assets as possible. The sooner you begin making your Medicaid plan, the more of your assets you should be able to protect.
To find out more about qualifying for Medicaid in Massachusetts and to get help making your plan, give us a call at 508-799-8885 or contact us online to speak with a member of our legal team. You can also download a free estate planning worksheet to learn more about the ways that a Medicaid plan can help you to protect your assets and achieve a more secure future.