Elder Law Attorney For Medicaid Planning

As people age, it becomes increasingly important to plan for the future, especially when it comes to healthcare and finances. This is where an elder law attorney can be invaluable. An elder law attorney specializes in helping older adults plan for their future needs, including Medicaid planning.

Medicaid is a federal-state program that provides healthcare coverage to people with low incomes and limited assets. Many older adults rely on Medicaid to pay for long-term care in a nursing home or assisted living facility. However, qualifying for Medicaid can be challenging, and the application process can be confusing.

That's where an elder law attorney comes in. An elder law attorney can help older adults navigate the complex Medicaid application process, as well as plan for long-term care needs. Here are some key things to know about Medicaid planning with an elder law attorney.

Understanding Medicaid Eligibility

To qualify for Medicaid, an individual must meet certain income and asset requirements. These requirements vary by state but are generally quite strict. For example, in 2021, the income limit for Medicaid eligibility in most states is $2,382 per month for an individual. The asset limit is also quite low, with most states setting it at $2,000 for an individual.

However, not all assets count toward the Medicaid asset limit. For example, a primary residence is usually exempt, as long as the equity in the home is below a certain threshold. An elder law attorney can help older adults understand which assets count toward the Medicaid asset limit and which ones are exempt.

Planning for Long-Term Care

Many older adults require long-term care at some point in their lives, whether in a nursing home or assisted living facility. Long-term care can be expensive, with the average cost of a private room in a nursing home exceeding $100,000 per year.

An elder law attorney can help older adults plan for long-term care by creating a comprehensive estate plan. This may involve setting up trusts or other financial instruments to help pay for long-term care. An elder law attorney can also help older adults understand the various options for long-term care, including in-home care, adult day care, and assisted living facilities.

Protecting Assets

One of the primary goals of Medicaid planning is to protect assets, so they are not depleted by long-term care costs. An elder law attorney can help older adults understand how to protect assets, such as through the use of trusts or gifting strategies.

However, it's important to note that Medicaid has strict rules regarding asset transfers. For example, any gifts or transfers made within five years of applying for Medicaid may be subject to a penalty period, during which the individual will not be eligible for Medicaid benefits.

Working with an Elder Law Attorney

If you or a loved one is considering Medicaid planning, it's essential to work with an experienced elder law attorney. An elder law attorney can provide valuable guidance on Medicaid eligibility, long-term care planning, and asset protection.

When choosing an elder law attorney, look for someone who has experience working with older adults and their families. You may also want to ask about the attorney's fee structure and how they bill for their services.

Conclusion

Planning for the future can be overwhelming, especially when it comes to healthcare and finances. However, an elder law attorney can help older adults navigate the complex Medicaid application process, plan for long-term care needs, and protect assets. If you or a loved one is considering Medicaid planning, it's important to consult with an experienced elder law attorney.

External link: To find an elder law attorney near you, visit the National Academy of Elder Law Attorneys website at https://www.naela.org/.

Citations:

• Centers for Medicare & Medicaid Services. (2021). Eligibility. https://www.medicaid.gov/medicaid/eligibility/index.html
• Genworth. (