Posts Tagged ‘medicaid planning’

How Can an Elder Law Attorney Help With Medicaid Planning?

Medicaid planning can be a complicated process no matter how familiar you are with dealing with medical coverage. The rules surrounding Medicaid eligibility and how to get the most out of your coverage are often hard to navigate. You may not know who to trust to advise you as you or a loved one go through this time of life. An elder law attorney is experienced at guiding clients through the process of Medicaid planning. Navigating Eligibility Guidelines Filing an application is not the only part of qualifying for Medicaid. You are only eligible to receive Medicaid after meeting certain…

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The Need for Medicaid Planning

One of the greatest fears of older Americans is that they may end up in a nursing home. This not only means a great loss of personal autonomy, but also a tremendous financial price. The average nursing homes cost, in our area, is approximately, $10,000 per month, that’s $120,000 a year, and the average stay in a nursing home is 4 years, that’s $480,000. For many people this will wipe them out financially. Most people end up paying for nursing home care out of their savings until they run out. Then they can qualify for Medicaid to pick up the…

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The Importance of Medicaid Planning – Asset Protection

If you need nursing home care, how will you pay for it? The average cost of  nursing home costs can easily exceed $100,000 per year. This makes it a challenge to pay for care, let alone leave an inheritance for future generations. The Medicaid program can provide nursing home coverage – but only if you qualify i.e your assets are below $2,500. Therefore, most people do not have automatic Medicaid eligibility, until all their assets are spent down. Consequently,  people need Medicaid Planning. Medicaid Planning involves repositioning assets in accordance with strict rules, so that you meet Medicaid eligibility requirements….

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What is Medicaid Estate Recovery?

The state cannot force you to sell your residence, but they will put a lien on the property, and when you die, the Government will go after your estate.