A significant concern for people over 65 while planning their estate is accounting for their long-term care needs. Long term care includes the services necessary to meet health or personal care needs over an extended period, including medical and non-medical care for people with a chronic illness or disability.
Medicaid can provide its applicants with financial support for costs associated with long-term care. For example, Medicaid applicants can receive financial help with expenses incurred from a nursing home or in-home nursing care, assisting people with daily activities, such as dressing, bathing, and using the bathroom.
While eligibility for Medicaid varies among states, most Medicaid programs include an asset limit of approximately $2,000 in addition to a monthly income limit of between $1,500-$2,300 for individuals. While these thresholds may appear restrictive, you may still qualify for Medicaid under several exemptions. For example, several types of assets are excluded from the Medicaid asset limit threshold. However, such rules and exceptions are anything but straightforward, such as the look-back period that prohibits transferring assets in a given amount of time solely to qualify for Medicaid.
Estate planning requires strategic thinking and forethought. Long-term care is an essential part of estate planning as healthcare needs associated with long-term care can result in excessive medical bills. Using Medicaid to help with potential long-term care expenses in your future is a great way to reduce costs but may require additional steps to determine your eligibility.
The best way to ensure that your estate planning needs are addressed is by thinking of your future sooner rather than later. Give our experienced estate planning attorneys a call at 732-490-1777