A common fear among the aging population is that they will one day no longer be able to continue living in the community and will require the nature and extent of care that is only available in skilled nursing facilities or nursing homes. Compounding these fears is that in the process, they will lose all or most of their hard-earned life savings and have nothing left to leave behind for their children. A prudent Medicaid plan can help simultaneously ensure that an individual can both keep a certain amount of their assets within their family with also protecting their future eligibility for comprehensive Medicaid benefits as and when needed.
Medicaid planning exists because Medicaid is what is known as a “means-tested” governmental program. Specifically, for the year 2015, an individual is only entitled to receive nursing home Medicaid if there is under $14,850 titled in his/her name. The idea of losing all of one’s hard-earned assets collected over a lifetime of earning and saving in a mere matter of a handful of years to the costs of maintaining that person in a nursing home is something that people generally wish to avoid, if at all possible.
Our attorneys can help you explore what options might be available to you in order to protect your hard earned assets and life savings while minimizing the potential risks of any period of ineligibility for certain essential governmental benefits such as the Medicaid program.