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Medicaid Crisis Planning

BELLOMO & ASSOCIATES, LLC

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MEDICAID CRISIS PLANNING

LIFE IS FULL OF CHANGE

Ben Franklin is credited with saying “if you fail to plan, you are planning to fail.”  While that certainly applies in some instances when it comes to a Medicaid crisis situation our office is still able to assist even if planning was not done prior to you or your loved one finding yourself in need of skilled care, either in a nursing home or via the waiver program.

LONG TERM CARE COST

Skilled nursing home care is expensive, and the costs are only increasing from generation to generation. On average skilled nursing homes cost $10,000 to $12,000 a month, depending on where you live. The majority of people end up paying for long-term nursing home care until they deplete their entire life savings, which generally only takes a few years after entering a nursing home. Medicaid can help prevent this from happening.

 

Medicaid is a Federal health care program, funded mainly by the Federal Government and administered by the State. To qualify for Medicaid income and asset requirements need to be met. Qualifying for Medicaid can be very difficult and requires a very extensive and time-consuming application process. However, without following this possible payment option, paying for nursing home care could be next to impossible.

MEDICAID COMPLEXITY​

Medicaid differs among states when it comes to eligibility. Pennsylvania does not have an income cap limit or test for nursing home Medicaid. However, a person’s assets cannot exceed a certain amount called the Individual Resource Allowance, which changes yearly and is also based on income. However, the complexity to Medicaid comes from the extensive list of assets that are exempt from Medicaid like your home and vehicles, for determining eligibility. This figure is very low and alarming. 

 

If the individual is married, it becomes even more complicated. For a married person to qualify for Medicaid, the spouse can only keep half the couple’s assets up to the Maximum Community Spouse Resource Allowance, which changes yearly. However, there are ways to protect 100% of the assets for the community spouse. But it is essential that a couple get advice from an Elder Law Attorney to discover your best planning strategies to protect assets and still qualify for Medicaid. 

 

There are multiple rules and laws that need to be considered and interpreted for effective planning and qualification for Medicaid benefits.  Our office can guide you in navigating this process. We have an experienced department that aims to make this process as simple as possible for all of our clients, ensuring that the laws and rules are interpreted and explained in language the average person can understand.  But more importantly that we get you qualified for benefits as quickly as possible.

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FOR MEDICAID CRISIS PLANNING