Medicaid Crisis Planning Lawyer in Salem, MA
Many people never imagine the possibility of needing nursing home care in older age. Even if you’re healthy now, the need for nursing home care can strike without warning.
Medicaid pre-planning shields your assets so you’ll qualify for government assistance when you require long-term care. But what if it’s too late for pre-planning, and you need nursing home care right now?
A Medicaid crisis planning lawyer can help protect your hard-earned assets even if you need to go into long-term care immediately.
What Is Massachusetts Medicaid Crisis Planning?
Medicaid crisis planning is a tactic you can use to guard your assets immediately before applying for nursing home care. Nursing homes typically cost hundreds of dollars per day, and many seniors think they’ll need to pay for these costs out of pocket because they have too much money to qualify for Medicaid.
Thankfully, this isn’t always the case. With Medicaid crisis planning, you can gift approximately 40% to 50% of your assets to loved ones, such as adult children or other family members. Because this is a gift, you won’t be eligible to receive Medicaid for a certain period. However, this strategy allows your loved ones to keep assets, so you don’t need to spend down everything you own to qualify for Medicaid.
The Medicaid Ineligibility Period Explained
Medicaid bases the ineligibility period on several factors, including the gift’s value and the monthly price of nursing home care where you live.
For example, assume you gift $50,000 to loved ones. Medicaid will divide that amount by the cost of nursing home care (in the Salem and Boston area, a semi-private nursing home room costs an average of $13,155 per month). In this case, you would be ineligible for Medicaid for about four months.
During this period, you’ll need to pay nursing home care costs out of pocket. Once the ineligibility period expires, you can reapply for Medicaid benefits. Medicaid will approve your application and pay for your nursing home costs going forward. Contact a Medicaid crisis planning lawyer today if you need help applying for Medicaid.
Medicaid in Massachusetts
Medicaid has strict income and asset limit requirements in Massachusetts. To qualify, you must have a monthly income of $1,215 or less and assets valued at $2,000 or less.
Medicaid considers nearly all income sources, including social security income, pensions, alimony payments, and veteran benefits.
Assets that count toward the limit include bank accounts, cash, investments, and more. Medicaid exempts your primary residence and vehicle from the limit.
If you have significant assets, it can take years for you to spend them down so you qualify for Medicaid. But with Medicaid crisis planning, you can gift your assets to loved ones so you become eligible for Medicaid much sooner than you normally would.
Hire an Experienced Medicaid Crisis Planning Lawyer in Salem, MA, To Stand By Your Side
With over 90 years of experience, Casey Lundregan Burns, P.C., knows how to protect your assets so you’ll be approved for long-term care Medicaid as soon as possible.
Call 978-741-3888 for help with Medicaid crisis planning today.