For many people, Medicaid is the only option for paying for care in a nursing home, assisted living facility, or other long-term care placement. Most people do not have long-term care insurance, and private insurance will not cover these costs. The process of qualifying for Medicaid, however, can be harrowing.
At Bratton Estate & Elder Care Attorneys, we can help you plan for Camden, NJ, nursing home care by putting a plan in place that allows you to qualify for Medicaid faster while protecting as many of your family’s assets as possible. Call now at (856) 857-6007 to learn more.
Many People Lose Their Savings in the Medicaid Spend-Down
Medicaid is a needs-based program. To qualify, you must meet strict income and asset limits. If you do not meet these limits when it is time to go into a nursing home or assisted living facility, you could face what is called “Medicaid spend down.” During this process, you pay out of your pocket for care until you have few assets left. Only then can you qualify for Medicaid planning.
The spend down process could take any assets available, including the nest egg you worked for your entire life, your retirement, and your children’s inheritance. Medicaid planning could help you qualify for Medicaid benefits sooner while protecting some or all of these assets.
A Medicaid planning lawyer in Camden from Bratton Estate & Elder Care Attorneys can help your family create a plan based on your specific needs and preferences. Call today to get started.
Understanding How Medicaid Planning Works in Camden, NJ
Medicaid has a five-year look-back period. This means that when you apply, they look back at the last five years of your financial transactions to ensure you did not move money around, gift assets to family, or otherwise hide income or savings. When we plan for future long-term care needs and can plan more than five years in advance, this gives us the freedom to put all your assets into a safer place.
This could include:
- Putting assets into an irrevocable trust
- Giving your children and grandchildren their inheritance now
- Moving money into an account owned by a trusted loved one
- Donating assets to a nonprofit organization
Nothing we do at least five years in advance will count against you when it comes to qualifying for Medicaid. However, many families come to us, and they do not have five years to plan. Some need immediate placement in a nursing facility, and others have a few months or years to plan.
If we take any of these actions within five years of you applying for Medicaid, you will likely receive a Medicaid penalty. This penalty could include:
- Having to wait to get Medicaid benefits
- Having to reapply for benefits following the penalty period
- Paying for any necessary care out of pocket until you can qualify for Medicaid
However, we can often find the right balance that protects as many assets as possible while minimizing the penalty you have to serve and how much you pay out of pocket. This makes it possible to create a Medicaid plan even if your loved one is already in a nursing home or assisted living.
Reach out to our Medicaid planning lawyers in Camden from Bratton Estate & Elder Care Attorneys now to find out more about how our team can help your family meet their financial goals while ensuring your loved one gets the support and care they need and deserve. Call today.
The Bratton Estate & Elder Care Attorneys Medicaid Planning Team Is Ready to Go to Work for Your Family
The Medicaid planning team at Bratton Estate & Elder Care Attorneys know how to navigate the complex Medicaid qualifying rules and can use our experience to your advantage. We will discuss your family’s unique needs and take actions that address your specific concerns. When you decide to work with us for Medicaid planning, we will:
- Minimize the number of assets you need to spend down to qualify for Medicaid
- Protect as much of your nest egg as possible while still qualifying for Medicaid benefits as soon as possible
- Explain any Medicaid penalties that may apply and help you understand how they will affect your bottom line
- Create and fund trusts and handle any other transactions required
- Ensure your loved one gets the long-term care they need when they need it
Our attorneys also handle Life Care Planning, ensuring you and your aging loved ones have a plan in place for today and the future, as well as many other elder law and estate planning services. We can update your will, create a power of attorney or living will, and help you with other concerns. We can tackle any estate law task, including planning for high-asset estates and complex estates. You can reach us today at .
Talk to a Medicaid Planning Attorney in Camden, NJ
The Medicaid planning lawyers in Camden from Bratton Estate & Elder Care Attorneys understand how stressful it can be thinking about how you can pay for long-term care, either for a loved one or for yourself. You do not want to be a burden to anyone, and you would rather leave your assets to your children than spend them on nursing home care. It may be possible to solve all of these concerns through Medicaid planning.
Let one of our attorneys review your circumstances, needs, and goals today. We will work closely with your family to design and implement a Medicaid plan to get you the benefits you need as soon as possible while still protecting as many assets as we can from Medicaid spend down.
Call to speak to a member of our legal team today at (856) 857-6007.