Medicaid planning is done to protect assets from the high cost of long term care expenses and nursing home care. Although you or your loved one’s health is good now, you'd be wise to get your house in order before things change.
The sooner you start Medicaid planning, the more assets you can protect!
With a carefully designed and thorough Medicaid plan you can ensure a secure future for your spouse and a legacy for your children.
What is Medicaid?
Medicaid, also called Title 19, is a government program for people who are over 65 and for individuals with disabilities. It can pay for some or all of the in-home, assisted living and nursing home care that Medicare doesn’t cover.
But there are specific rules of eligibility which make it important for you not only start planning early, but also to make certain the plan is done correctly.
Medicaid eligibility rules cannot be neatly summarized and the rules differ depending upon whether you are married or single. If you care married, the rules provide some basic asset protection for the healthy spouse, including a house, car and half of your total assets with a cap of $148,620. The spouse may keep a maximum of $3,715.50 in income per month.
Medicaid planning on your own, or with someone who is not a qualified elder law attorney, could result in your losing the assets you tried so hard to protect. Contact us today if you're even thinking about protecting your money and property from the costs of care.
Or, if you're at the point where you need to apply for Medicaid, we can actually do the application for you. We have a team of highly experienced staff who focus solely on Medicaid applications. They have an impressive track record and would be happy to take it off your hands.
(Click here to learn why you should use an attorney and the dangers of not doing so.)
Take a look at other important information you should know about Medicaid in Connecticut:
- 3 Things You Should Know About Medicaid
- What is the Look-back Period?
- How Transfers Affect Medicaid Eligibility
- What is the Medicaid Penalty Period?
- Spending Down for Medicaid Eligibility
- Free Report: 22 Medicaid Services You Should Know About
- 4 Medicaid Catastrophes You Can Avoid
- Prepaid Funeral Contracts and Medicaid: Good News