The inevitability of aging means that all of us will eventually need someone to help take care of us. However, it is not always possible for a loved one to serve in a full-time or even part-time caretaker role. In such instances, there are professionals who are more than capable of serving as round-the-clock caregivers.
If you or your loved one requires medical assistance, you may qualify for programs and services funded under Medicaid. If you are unsure about your eligibility or want to speak about the considerations that come with Medicaid-funded health services, a Medicaid planning lawyer in Monroe Township, NJ can help. Call our team at the Bratton Estate & Elder Care Attorneys today at (856) 857-6007 to discuss how we can help.
What Medicaid Is, and Who It Is For
Medicaid is one of the many social services that are funded by Americans’ tax dollars. It is an extremely useful, if not essential, resource for elderly Americans who could otherwise not afford the care they need.
If your loved one requires a bed in a nursing home or assisted living facility, Medicaid may be an option for covering the cost of living in such a facility. Private medical insurance almost never covers the long-term care that a nursing home or assisted living facility provides, so Medicaid is a great option for those who qualify.
Who Qualifies for Medicaid
Medicaid eligibility is generally determined by one’s income. Though those who would typically require a nursing home or assisted living facility are generally of retirement age and no longer draw an income, there are legal means for ensuring that you have the best shot at qualifying for Medicaid-funded living arrangements. Otherwise, you could be stuck paying out-of-pocket for the long-term living arrangements that you or your loved one needs. The United States Department of Health & Human Services offers free resources to help people learn whether they are eligible for Medicaid.
Planning and organizing documentation before applying for Medicaid assistance is just one way that a Medicaid planning lawyer serving Monroe Township, NJ can assist you.
For a legal consultation with a medicaid planning lawyer in Monroe Township, call 856-857-6007
How Our Team Will Help You
Our team at the Bratton Estate & Elder Care Attorneys want to improve your chances of qualifying for Medicaid without having to rid yourself of your assets. The fact is that you can protect your assets in a way that you are comfortable with and qualify for Medicaid – these are not mutually exclusive.
Our team will meet with you to discuss your case and answer any questions that you and your family have. We will then lay out your options for asset protection, some of which may include:
- Gifting some of your valuable belongings to heirs now, so that they do not count as your assets and work against your Medicaid eligibility.
- Establishing an irrevocable trust to safeguard your assets without simply handing them over to your family.
- Transferring financial assets (read: money) into family members’ accounts.
- Donating assets that you planned to give away in the future now.
There are a number of maneuvers that a Medicaid planning lawyer in Monroe Township, NJ can initiate in order to improve your odds of qualifying for Medicaid, and thus decreasing the amount of out-of-pocket expenses when paying for long-term care. A Medicaid planning lawyer will have a general array of goals in mind for you, which will likely include:
- Minimizing the amount of assets you need to “spend down” in order to qualify for Medicaid benefits.
- Ensuring that as many of your assets as possible are protected in a way that you are comfortable with.
- Ensuring that you understand potential Medicaid penalties, and what to do to avoid them.
- Assisting you in completing all financial transactions required to protect your assets.
- Making sure that your inheritable assets are assigned to the intended family members, and they are transferred in a way that protects them from avoidable penalties.
- Protecting your rights throughout the entire Medicaid planning and asset protection processes.
Do Not Wait to Contact Counsel
The sooner that you contact a Medicaid planning lawyer serving Monroe Township, NJ, the sooner we can put a plan for asset protection in place.
We generally like to have a plan in place at least five years before you seriously begin considering a move into an assisted living facility or nursing home, so the sooner you get in touch, the sooner we can put your mind at ease with an asset protection plan. Call our team at the Bratton Estate & Elder Care Attorneys today at (856) 857-6007 to discuss how we can help.
Monroe Township Medicaid Planning Lawyer 856-857-6007
If You Do Not Have Years to Compose Your Medicaid Plan, Here’s What to Expect
It is preferable that you address your asset protection and other elements of a Medicaid plan years in advance, but this is not always possible or is simply not done in certain cases.
The five-year window between the moves you make to protect your assets and the time you apply for Medicaid usually protects you from incurring penalties that may arise if you make those moves and then apply for Medicaid within five years.
Otherwise, you should be prepared for certain penalties, which may include:
- A slower Medicaid qualification process.
- The instatement of a penalty period, which must elapse before you can re-apply for Medicaid benefits
- If you proceed to move yourself or a loved one into a nursing home or assisted living facility, you will likely have to pay out of pocket until (and if) you qualify for Medicaid
These potential penalties reinforce the importance of contacting a Medicaid planning lawyer in Monroe Township, NJ sooner rather than later, as they will almost certainly lead to greater out-of-pocket expenses. If these penalties are unavoidable for whatever reason, a Medicaid planning lawyer can still be of great help in expediting the penalty period to whatever extent possible.
Call our team at the Bratton Estate & Elder Care Attorneys today at (856) 857-6007 to discuss how we can help.