Sunday, November 19, 2017
After saving money for a lifetime to retire, the last thing you want is to spend all your money on nursing home expenses. While Medicaid covers the cost of nursing home care, you’ll need to be aware of income and asset limits to become eligible.
Thankfully, a Medicaid planning attorney can help you determine the best strategies for protecting your assets from nursing home spend downs. In this blog post, we will explain how Medicaid works and why you should start Medicaid planning today.
What is Medicaid?
Medicaid is a government program that offers financial assistance to people with low incomes or disabilities. People who are age 65 and older also qualify for Medicaid benefits, which help pay for certain medical expenses. Since the benefits covered by Medicaid vary by state, you’ll need to check with the Michigan Department of Health and Human Services to determine your coverage.
Michigan Medicaid benefits include:
- Nursing home care
- Home health services
- Transportation to medical care
- Inpatient hospital services
- Outpatient hospital services
- Laboratory and x-ray services
- And more
If you plan on using Medicaid to pay for nursing home expenses, you’ll want to first make sure that the facility you choose accepts Medicaid. While most nursing home facilities accept Medicaid, you’ll want to make absolutely sure before being admitted.
Why is it important to be eligible for Medicaid?
Medicaid is important because it covers the gap between the cost of nursing home care and what you have saved for retirement. In 2011, the average cost of a private room in a nursing home was $236 a day.
Since few people invest in long-term care insurance, they often have to spend through their retirement savings to pay for nursing home care. Keep in mind that you’ll only become eligible for Medicaid once you fall below the income and asset limits.
What is Medicaid planning?
Medicaid planning services are about planning ahead to make sure you are able to cover the costs of nursing home care without spending down all of your assets. If you or a loved one has recently been admitted to a nursing home, you can’t afford to wait to schedule an appointment with a Medicaid planning lawyer. An elder law attorney can help you save the maximum amount of money possible that will still give you eligibility for Medicaid.
Who can help me with Medicaid planning?
A Medicaid law attorney has the necessary experience to make sure you make a solid plan for retirement. They will be able to help you set up strategies for protecting your assets from nursing home spend downs so that you don’t have to get rid of all the assets you spent a lifetime to build.
Attorney Rob Longstreet at Longstreet Elder Law & Estate Planning P.C. is dedicated to making sure you or your loved one has a financial plan ready for retirement. If you are interested in setting up a legal consultation with our Hastings Medicaid attorney, give us a call at (269) 945-3495.