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.
Contact us today if you're even thinking about protecting your money and property from the costs of care. 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.
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.
Medicaid eligibility rules cannot be neatly summarized and the rules differ depending upon whether you are married or single.
If you are married, the rules provide for some basic asset protection for the healthy spouse, including a house, car and a minimum amount of money. There is also an income protection for the healthy spouse that can be as high as $2,898 per month.
Take a look at other important information you should know about Medicaid in Connecticut:
- 2020 Medicaid Reference Guide
- When applying for Medicaid, beware of companies that process applications
- Rules of Medicaid eligibility
- What is the look-back period?
- How transfers affect Medicaid eligibility
- Annuities as an asset protection strategy for married couples
- What is the Medicaid penalty period?
- Spending down for Medicaid eligibility
And to learn more about Medicaid, check out these blog posts: