What Is Medicaid Planning?
Skilled Rochester New York Lawyer Assists You with Medicaid and Asset Protection Planning Process
Anticipating Possible Legal Issues and Devising a Plan to Confront Them
Many people are worried that at some point they may need skilled nursing home care, but may not have the necessary funds to pay for extended care. Nursing homes are expensive, so paying for them requires making a careful plan. With skilled nursing homes averaging close to $15,000.00 a month, very few families can afford this expense for an extensive period of time. At the same time, while wanting to have the highest level of care possible, you do not want to have to exhaust all of your savings or your family’s legacy in order to pay for the expensive cost of nursing home care. Medicaid can be the answer for many families to help pay for nursing home care, but getting there while protecting assets can be a difficult time consuming task.
At The Law Offices of Ronald J. Axelrod & Associates, P.C. in Rochester, NY, we work closely with families to prepare for the possibility of nursing home care. We focus on protecting your assets and devising a Medicaid asset protection plan that helps conserve some of your family’s assets, yet allows you to still be admitted to a nursing home of your choice. Our knowledgeable lawyers will also identify all possible sources of benefits to which you may qualify so that you can further protect your legacy. We have skilled paralegals who can assist you in gathering the voluminous amounts of documentation which is part of every Medicaid application.
What Is Medicaid Planning?
Medicare Part A only covers up to 100 days of skilled nursing care per illness, so depending on Medicare for extended nursing home care is not a viable long-term strategy. Many people rely on Medicaid, a needs-based government run reimbursement program that is eligible to individuals with limited resources and income to help them pay for their long-term care. Medicaid is a joint state and federal program. A knowledgeable Medicaid asset protection attorney is necessary to ensure that you have a firm understanding of the rules and the options available to you so that you can protect assets and still qualify for Medicaid and other government benefits.
Many people may gain entry to nursing homes by self-paying until they become eligible for Medicaid. However, this strategy may unnecessarily use up funds that could otherwise be protected and available for your family. Medicaid asset protection planning focuses on keeping the highest value of assets in the hands of a spouse or in other protected entities (trusts) so that all of a person’s personal savings are not exhausted due to the high cost of nursing home care. However, Medicaid asset protection should not be handled without the assistance of a skilled lawyer since making a mistake or unsanctioned transfer can cause you to jeopardize your eligibility for Medicaid.
What Are Some Medicaid Planning Options?
The focus of Medicaid planning is to make informed decisions before nursing home care is necessary. You may be able to transfer money or real estate to a loved one or make annual gifts to spend down your assets if you do so well before the need for nursing home care. In situations in which nursing home care becomes immediate and you did not have adequate time to initiate standard asset protection options, you may still have some opportunities to preserve your wealth. It is never too late to do Medicaid planning. Better options exist the sooner you plan. Even if you think you are not ready to do Medicaid asset protection planning, before it is too late, a proper Power of Attorney needs to be in place.
Contact an Experienced Medicaid Asset Protection Lawyer
If you would like information or assistance with protecting your assets prior to the Medicaid application process or with application process itself, contact the skilled legal team at The Law Offices of Ronald J. Axelrod & Associates, P.C. in Rochester, New York to schedule a confidential consultation.