Medicaid Planning
Statistics show that 52% of people turning age 65 will need some sort of long-term care assistance in their lifetime. Nearly 65% of all nursing home residents rely on Medicaid benefits. Why? Nursing home care is catastrophically expensive. While some people have the financial means to pay on average $5,749 a month for a nursing home in Arkansas, or are able to obtain long-term care insurance on favorable terms, many of us are not in that position. One solution is to plan for Medicaid eligibility. Doing so will allow you to obtain nursing home care while safeguarding your assets.
What Exactly Is Medicaid and How Do I Qualify?
Medicaid is a joint program between the state and federal governments that provides nursing home coverage and other long-term care coverage to blind and disabled individuals that satisfy the state’s asset and income restrictions and wealth transfer tests.
While your current income and assets may exclude you from Medicaid eligibility at the moment, with proper planning, you can:
- Transfer assets to beneficiaries
- Preserve wealth for your spouse and children
- Prepay funeral expenses
- Rapidly accelerate your eligibility for Medicaid Benefits
- Shelter your property from forced sales by the state
- Protect your home from Medicaid Estate Recovery liens and forced reimbursement attempts
- Offset the financial impact of nursing home costs
What's the Benefit of Starting Medicaid Planning Early?
There are strict laws regarding transferring wealth and assets. You need to allow yourself sufficient time to meet Medicaid eligibility criteria. Otherwise, you will be denied benefits.
An experienced Providence Medicaid Planning attorney can work within the complex web of rules and regulations surrounding Medicaid eligibility in order to ensure the best possible result for your family. Thereafter, should you need nursing home care, Medicaid would cover the expenses, leaving your assets to provide for your spouse and children. It’s never too early to discuss asset protection.
Proactive Planning vs. Planning in a Crisis
If you are concerned about leaving a legacy to your family and proactively protecting your assets from catastrophic nursing home costs, you will want to explore our Asset Protection Planning options. The earlier you plan, the more you protect.
If you have a parent or spouse that failed to proactively plan, and they have an immediate need for nursing home care or long-term care, all hope is not lost Please read more in Emergency Long-Term Care Planning. The earlier you plan, the more you preserve.
View our complete pricing list.
Schedule Your Initial Consultation Today.
Come on in. Let’s talk. There’s no preparation necessary and you don’t need to bring any paperwork – just bring yourself and your questions. During your consultation, we’ll help you decide which services are right for you and your family. Click below to book your appointment at our Fort Smith office.
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3223 Old Greenwood St, Fort Smith, AR 72903
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