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St. Petersburg & Lakewood Ranch Medicaid Planning Lawyer
Planning for Long-Term Care Needs
Medicaid planning is utilizing strategies that are designed to manage assets and income in a way that allows the individual to qualify for Medicaid for long-term care needs. Contact Finley Williams Law, PA to learn more about how to preserve your ability to qualify for Medicaid for long-term care from our experienced Medicaid planning attorney in St. Petersburg and Lakewood Ranch.
Medicaid Long-Term Care Insurance
The high cost of long-term care has resulted in a growing number of middle-class families relying on Medicaid long-term care insurance to cover the cost of nursing home care. Medicare covers some skilled nursing facility care, but not long-term care. Medicaid is a need-based program that has strict eligibility requirements for people under and over the age of 65.
Medicaid Planning Options
When people are unable to pay for long-term care without draining the family’s life savings, Medicaid planning strategies can be used to preserve your ability to qualify for Medicaid long-term care coverage. The ultimate goal is to keep your assets and income within Medicaid’s parameters for income limits and assets.
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Some strategies that can be used include:
- Purchase assets that do not count toward the asset limits for Medicaid; these include home improvements, burial contracts, and cars
- Transfer assets to a spouse who is not likely to require long-term care
- Transfer assets to children at least five years before an application for Medicaid
- Establish a Medicaid trust to hold income that exceeds the limits
Medicaid rules and regulations can be confusing. Our St. Petersburg Medicaid planning lawyer can advise you about planning strategies and guide you through the process of obtaining Medicaid benefits for nursing home care.
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