You’ve worked hard to provide financial security for yourself and your family. Now you are into your retirement years and plan to enjoy the fruits of your labor. Maybe you want to spend some time traveling or move to a new place. Now that you are in a new phase of your life, you shouldn’t have to worry about the rising cost of care getting in the way of your plans.
Long-term care can be quite expensive. The cost of long-term care has been on a steady rise and there is no sign that it will slow down any time soon. Many families rely on Medicaid to cover the cost of their loved one’s care. However, many people think that they have to spend down their savings or liquidate their assets until they are depleted before they can qualify for coverage.
Instead of depleting your savings, there are strategies that can be used to protect your assets from the reach of Medicaid. Even with these strategies available, the rules regarding eligibility are continually changing and are generally complex. Because of this, it is important that you consult with an experienced estate planning attorney that can help you craft an estate plan that is tailored to protect your assets and help you navigate the application process.
Medicaid is a joint federal and state government-funded program that provides health coverage to elderly adults, people with disabilities, children, pregnant women and other eligible low-income adults.
Different states have different eligibility criteria for Medicaid. Depending on which state you live in, among many other factors, can determine whether you are eligible for Medicaid benefits or not.
In New York State, you must meet the following criteria in order to be eligible for Medicaid:
Other qualifications include the following:
Much like New York and many other states, to qualify for Medicaid in the state of Virginia, you need to meet the following criteria:
As with New York State, in Virginia, other qualifications include:
If you or a loved one is in need of long term care or you are currently spending down your assets in hopes to qualify for Medicaid, please call us for a consultation so we can help you preserve your assets.
As previously mentioned, the cost of long-term care can be quite prohibitive, and in many cases, even financially-crippling. It is because of this that many people rely on Medicaid benefits to cover care expenses.
Obtaining Medicare does not have to be a stressful process. If you find yourself in this situation, do not hesitate to contact us at one of our three conveniently located offices in White Plains, New York, Alexandria, Virginia or Fredericksburg, Virginia.