Protecting the community spouse

     The financial Medicaid eligibility rules for married couples are different from unmarried applicants. An elder law attorney can have a couple spend down their assets to qualify for long-term Medicaid, while still keeping enough money to keep up their cost of living.

     It may be impossible for an applicant to reorganize their assets and income in a way that will allow them to continue living in the community as long as possible, but also ensure that they qualify for long-term Medicaid. Applicants can keep ownership of certain assets while still maintaining their eligibility for benefits. In some cases a personal care agreement is a great way for a senior to compensate their family caregivers while legally spending down to meet Medicaid financial limits. Elder law attorneys are well versed in determining the eligibility of their clients. 

     Applying for Medicaid at the right time is also a crucial point that needs to be planned out. Applying too late or too early can cost thousands of dollars to do. It’s best to start planning the process five years before a senior anticipates needing long-term care. This will allow asset preservation prior to the look-back period. Within that time span an elders health can significantly diminish. It’s best to look into Medicaid planning earlier if possible. 

     An attorney is always your best bet on Medicaid planning. The attorney will review your income and circumstances and determine if you are eligible or not. They will ask about any transfers you made within the last 5 years and suggest a plan to get you qualified for Medicaid much sooner. Make sure to find the right attorney that specializes in this narrow window of law. The cost may seem discouraging, but many elders need to spend down their income anyways. A good lawyer will devise a strategy that allows the client to keep as much of their wealth as possible while still maintaining Medicaid eligibility. Planning ahead will save you a lot of time and money in the future.