The expense of long-term care is often astronomical. Many people who end up requiring long-term care initially pay for it out of their own their own assets. Medicaid is the federal program that assists with healthcare benefits for those who qualify and cannot afford them. Many people end up accessing Medicaid benefits, after their own assets have been depleted. The Medicaid program can help with paying for home care, assisted living, and nursing home care, explains Insurance News Net’s recent article, “Medicaid planning.”
Speaking with an elder law or Medicaid planning attorney is a great idea to make sure people can qualify for Medicaid before they completely exhaust their resources. These practitioners specialize in helping people qualify for Medicaid benefits far in advance of their assets becoming depleted.
For those who are thinking of transferring all of their assets to their children to qualify for Medicaid, the government has already thought of that. If you gift any assets to your children, you may be subject to a penalty before becoming Medicaid eligible. However, there are perfectly legal strategies that a senior can use to become eligible for Medicaid, while still keeping considerable assets. Assets may be freely transferred between spouses to help gain eligibility for a spouse that needs care. There are also many assets that are exempt for purposes of gaining eligibility.
With the guidance and planning from qualified legal counsel, seniors who require long-term care can get assistance with their healthcare from the government, while preserving assets for their loved ones.
The attorneys at Michael T. Huguelet, P.C. would be happy to sit down with you and assist with long term care planning so you have piece of mind that your assets are preserved and left to those who mean the most to you. If you are looking for long term care planning in Orland Park, Illinois or the surrounding suburbs of Chicago, please give us a call.
Reference: Insurance News Net (September 29, 2019) “Medicaid planning”