Although Medicaid is only one way to receive assistance with the costs of long-term care, it is an important and appropriate option for many people.
The good news is that Medicaid assistance is an option for those who have the requisite medical needs, even if they have no financial means. Even better, despite what you have heard, you do not need to be financially destitute to qualify for Medicaid assistance. However, if Medicaid assists with the cost of your long-term care, upon the passing of you and your spouse, your assets will go to reimburse Medicaid for the cost of your care.
Many of us will not have advance notice before we need long term care. The need can arise immediately with a stroke or a fall. On the other hand, the need for long term care may never arise.
Sometimes I see choices made by people who believe they are protecting an important asset, and helping themselves qualify for Medicaid assistance, but the opposite may be true. This can often occur when a couple chooses to give that asset to a family. Not only might they have jeopardized their ability to receive assistance, but they have sacrificed their current standard of living for a need that may never arise.
Even if you do not give assets away, the choices you make can still have a significant impact on your ability to qualify for Medicaid assistance. For example, if a couple chooses to sell their home for cash, they are converting an exempt asset into an asset that is not exempt, should the need for Medicaid assistance arise. Even the timing of moving certain assets can affect your eligibility.
I believe the prudent approach is to counsel with a competent Medicaid planning attorney. We are fortunate Boyd Peterson is a member of our firm; someone I consider to be one of the most experienced Medicaid planning attorneys in the state. That simple step can answer your Medicaid planning questions, and provide you peace of mind, even if you cannot predict your future needs. Call the number below to set an appointment with Boyd.