Fouts Law Group, LLC provides assistance with Medicaid planning. Making a Medicaid plan is vitally important if you want to be able to get nursing home care if and when you need it, without imperiling your ability to leave a legacy. You should make your plans well in advance of the time you need nursing home care, so we are ready to help people of all ages who are thinking ahead.
If you suspect you may need costly nursing home care in the future or if you or someone you love needs care soon, give our Atlanta Medicaid planning lawyers a call today. We can offer you one-on-one personalized advice about qualifying for Medicaid and can answer questions you may have about Medicaid planning including:
- Do I need a Medicaid plan?
- When should I make a Medicaid plan?
- How Can a Medicaid planning lawyer help?
Do I Need a Medicaid Plan?
You need a Medicaid plan if you do not want to spend hundreds of thousands of dollars of your own money on nursing home care. You also need a plan if you don’t have hundreds of thousands of dollars and you want to be able to keep the wealth you do have if you must go into a nursing home.
Nursing home care is very costly. Most people who must go live in a nursing home need a type of care called custodial care. Custodial care is basic routine assistance with things like eating, bathing, going to the restroom, and doing other life activities. It’s not skilled medical care, like changing bandages or providing physical therapy after surgery and it is not care that is designed to help you to improve some specific ailment. Custodial care just lets you maintain a basic standard of living.
Unfortunately, custodial care is not covered by private health insurance or by Medicare. This means if you need to go into a nursing home because you can’t care for yourself any more, you’ll have to privately pay thousands of dollars per month for your care… unless you can qualify for Medicaid.
Since Medicaid is means-tested, those with too many resources cannot qualify. If you’ve worked, earned money, and acquired property, you likely have too many resources. You’ll have to pay privately for a nursing home, including generating funds by selling some of those resources.
Only when you have reduced your net worth below Medicaid’s allowable resource limits can you get nursing home care covered. This means losing virtually all of the assets you might have wanted to leave to your family. There is no way around this loss… unless you have a Medicaid plan.
When Should I Make a Medicaid Plan?
A Medicaid plan can allow you to structure ownership of assets and make strategic decisions about assets so you can protect your property and wealth in case you need nursing home care. In other words, Medicaid planning involves making sure your resources don’t disqualify you from getting Medicaid coverage.
Under its strict eligibility rules, Medicaid also imposes something called a five year lookback period which is intended to thwart efforts to protect assets. Under the five year lookback rule, Medicaid will disqualify you from benefits temporarily if transfers of assets have occurred within five years of the time you need nursing home care. These asset transfers are often an integral part of a Medicaid plan.
As a result, in order to make certain you are able to protect the maximum value of assets and keep all of your wealth and property safe, you should make a Medicaid plan at least five years prior to the time nursing home care becomes necessary. While a later plan could still provide some protection for your property, Medicaid planning is most effective when it is done as early as possible. Since you never know when you will need nursing home care, it makes good sense to make your Medicaid plan right away.
How Can a Medicaid Planning Lawyer Help?
Fouts Law Group, LLC provides assistance with the Medicaid planning process. We will help you to use the appropriate legal tools and strategies to protect the maximum value of your assets depending upon your personal situation and when you need nursing home care.
To find out more about the ways in which an Atlanta Medicaid planning lawyer can provide assistance to you, give us a call at (678) 242-8344 or contact us online today to speak with an experienced member of our legal team.