Private insurance and other types of medical coverage do not cover the costs of living in a nursing home or receiving care in another long-term care facility in Upper Darby, PA. Most people who require this type of around-the-clock supervision and care must instead rely on Medicaid benefits to pay for their room, board, and medical care.
Unfortunately, because of strict income and asset limits to qualify for Medicaid, many people spend down their children’s and grandchildren’s inheritance before they can qualify. With proper Medicaid planning, this is not necessary. At Bratton Estate and Elder Care Attorneys, our attorneys can design a Medicaid plan that suits your family’s needs. Call us today 856-857-6007 to learn more.
Understanding Why Medicaid Matters
Nursing home and assisted living care can cost thousands of dollars a month. Most families cannot sustain this cost for more than a few months before they run short on funds. Luckily, those who meet the strict income and asset limits for Medicaid can get this care paid for by applying for benefits through this government program.
Medicaid planning comes into play to preserve your family’s assets and qualify for Medicaid sooner. You work your whole life to save for your children to receive an inheritance. You do not want to spend it on nursing home care, and luckily, you may not have to. One of our Medicaid planning lawyers in Upper Darby, PA can help you plan for Medicaid or put a plan in place to reduce your losses if you need help paying for nursing home care now.
Medicaid Planning and Asset Protection in Upper Darby, PA
Our Medicaid specialists understand how to work within the Medicaid rules and use legal planning tactics to protect your assets from Medicaid. This type of planning is especially successful if we have five years or more to plan before you require nursing home or assisted living care. This is because Medicaid rules call for penalties for some actions within five years of applying for benefits.
If we have five years to plan, some of the ways we may be able to protect your assets include:
- Creating an irrevocable trust to hold your family’s assets
- Gifting valuables or cash to your heirs today
- Moving money into your child’s or grandchild’s accounts
- Donating money to a favorite charity
Of course, you may need this type of care sooner than you thought, or you did not know Medicaid planning was a possibility until you already moved your loved one into an assisted living facility and began paying it in case. Luckily, our experienced and knowledgeable professionals can still help you protect some of your assets. While you will likely have to spend some of your assets and serve some penalty period, a Medicaid planning lawyer in Upper Darby, PA will:
- Minimize the amount you must spend down
- Maximize the assets we can protect
- Calculate the Medicaid penalty in your case
- Explain what you can expect during this process
- Help you manage all required financial transactions
- Ensure your family member gets the level of care they need
Medicaid’s Strict Rules Can Make Asset Protection Complex
Medicaid requires you to meet very strict asset and income limits before you can qualify. At the same time, the program is as a complex process of evaluating your financial standing that makes it difficult to protect your assets if you did not plan early. This is because of the program’s five-year look-back period.
When you apply for Medicaid benefits, they look back at the last five years of your accounting history. They look for transactions that include many of the tactics we use to protect assets, such as creating an irrevocable trust or moving money to a family member’s account. If they find any of these behaviors, you will receive a penalty. This penalty:
- Delays you from qualifying for Medicaid
- Forces you to wait to reapply for benefits
- Could cost you significant assets because you must pay for care out of pocket
However, this does not mean you will lose all of your assets. Our attorneys are Medicaid specialists who know how to work within the system to get you Medicaid coverage as quickly as possible. Even within the five-year look-back period, our attorneys can put a plan in place to minimize your penalties and maximize your family’s remaining assets. Call us today 856-857-6007 to learn more.
Bratton Estate and Elder Care Attorneys Always Work as a Team
At Bratton Estate and Elder Care Attorneys, we take a team approach to every case we handle. You will first meet with one of our compassionate and knowledgeable lawyers social workers who will discuss your family’s financial situation, your medical needs, and other topics related to Medicaid planning. Our goal is to learn as much as possible about your family’s needs, preferences, and priorities. You may also work with our registered nurse during this process.
Only once we believe we fully understand how we can best help your family protect your assets and qualify for Medicaid sooner will we call in our attorneys to put a plan in place. We can create the trusts, make transfers, and ensure everything necessary is done to protect your assets. We also handle the estate administration.
Talk to a Medicaid Planning Lawyer in Upper Darby, PA
At Bratton Estate and Elder Care Attorneys, our team will consider your family’s unique needs and situation and develop a plan that works for you. A Medicaid planning lawyer in Upper Darby, PA can help you preserve assets for the next generation while also allowing you to qualify for Medicaid sooner.
Call our team today at 856-857-6007 for help paying the nursing home, assisted living, or other long-term care costs.