Medicaid is a joint federal and state program that pays long-term care expenses for qualifying individuals based on medical and financial needs. There are several benchmarks that you must pass to qualify for long-term-care coverage through Medicaid. At Myatt & Bell, P.C., we are ready to help you determine your eligibility and move through the process to obtain your Medicaid benefits.
To qualify for benefits, an individual must pass income and asset qualifications and show medical needs. As a result, you will need to carefully plan how to best spend down your income. This is especially true for couples or individuals that have less than $500,000 in savings. These “spend down” decisions will have a lasting effect and must be analyzed carefully. For example, not every asset counts against the Medicaid asset limit. Some assets, like a primary residence, are exempt up to a certain limit and do not count towards financial disqualification.
Retirees remain concerned about not having enough money to pay for long-term care. However, with proper planning, those who qualify for Medicaid can benefit from the following:
There are two possible contexts for your planning. Long-term care needs can be addressed through both planning for an immediate need (“Immediate Planning”) and planning in advance (“Advanced Planning”). Immediate need planning occurs with the expectation that Medicaid qualification may be required within the next four years. Advanced planning takes place five or more years before any Medicaid need.
Although we hope we won’t need Medicaid, it’s important to plan for funds to supplement our needs should Medicaid become necessary. Advanced planning for long-term care can include long-term care insurance, but it might also mean setting aside assets before the Medicaid five-year look-back period.
There are several issues to consider when planning for your future. We’re committed to working with you to determine the most strategic path forward so you can enjoy a bright and stable future. Please get in touch with us today to start the conversation.