An Experienced Advocate For You During Medicaid Crisis Planning
Have you just found out that you aren’t eligible for Medicaid yet you need long-term nursing care services? Are you worried that the costs of these services will soon deplete your assets? If that’s what you’re going through right now, we’re here to tell you that all isn’t lost. Medicaid crisis planning can turn your situation around, increasing your eligibility for the program.
An average Pennsylvania nursing home cost is $11,099.04 per month. That amount is enough to make most people concerned, to say the least. With such statistics, the last thing seniors living in this city want to encounter is an urgent need for nursing care services.
Even if you have a sizable estate, you and your family can easily lose all your savings in under a year to these high nursing home costs. However, Harkins Elder Law can help you stop that from happening, whether you live in the city or down in Alle-Kiski Valley.
Here’s all you need to know about Medicaid crisis planning to help you preserve your assets while you pursue your Medicaid application.
What’s Medicaid Crisis Planning?
A Medicaid crisis is when a senior needs immediate nursing care services but isn’t eligible for the program because their assets exceed the eligibility limit. With professional help, it’s possible to strategically change this situation by reducing these assets to meet the requirements.
That’s what’s called Medicaid crisis planning.
However, these strategies must be done within the legal framework governing Medicaid eligibility. For example, because of the look-back rule violation, this wouldn’t be the best time to give away some of your assets.
When is a Medicaid Issue a Medicaid Crisis?
A Medicaid crisis not only impacts the elder under skilled nursing care; their spouse and children are also affected. For example, some of the assets belonging to a healthy spouse, also called a community spouse, are included among the countable resources of the applying spouse.
If the healthy spouse has excess resources above the limit, they’ll be required to spend down. As a result, the spouse can also end up losing a sizable amount of assets.
Some resources are exempt from the spend-down, but most of them, including investments and the retirement account of the individual that requires care, aren’t. In general, half of a community spouse’s resources are exempt from spend-down, but the remaining half must be reduced after excluding the resources allowance for the couples.
There would be very little left for the community spouse and the rest of the family when that happens. But it’s also possible to avoid all this with a timely Medicaid crisis plan and the guidance of an elder law attorney.
Medicaid Crisis Planning Strategies
The Medicaid crisis planning strategies used by a competent elder law attorney in AK Valley are crafted within the legal framework of Lower Burrell Medicaid Regulations. Whether your senior is already in a nursing home or urgently needs care services, consider speaking to an elder law attorney as soon as possible.
Some common strategies that are used in a Medicaid crisis plan include:
The “Half a Loaf” Strategy
You probably already know that gifting your assets within the look-back timeframe is a violation that will result in a penalty of a period of ineligibility. However, the “half a loaf” strategy uses this violation to intentionally earn the penalty for a certain period.
The strategy involves gifting half of your excess assets to a family member and using the other half to purchase a Medicaid-compliant annuity. By the end of the period, you’ll have attained the assets limit eligibility for the program. But this process can be very complicated and would require the help of an experienced elder law lawyer.
The Importance of an Attorney in Medicaid Crisis Planning
A Medicaid crisis is always a stressful situation for both the elder and their family. Unfortunately, there’s often no time to research the best strategies for managing such a crisis.
With so much going on, many families give up trying to apply for Medicaid benefits. But that doesn’t make the situation any better.
With the help of an attorney, you can achieve so much in a very short time and potentially save your assets. An attorney can help you:
- Save your family’s home.
- Ensure your spouse has money to survive on.
- Plan for incapacities.
- Preserve your wealth.
- Attain eligibility for the Medicaid program.
When You Need To Hire an Elder Law Attorney in Lower Burrell
Harkins Elder Law has helped many families in Lower Burrell and the AK Valley region to successfully protect their resources while their loved one receives the necessary care they need. We have an unbeatable track record of 100% success in handling different situations for clients who have been termed ineligible for Medicaid and also those in a Medicaid crisis.
This, too, can be your success story if you speak to Chris Harkins today. All you need to do is call Harkins Elder Law at (724)-472-8717 or schedule an appointment online.
What Is a Medicaid crisis?
A Medicaid crisis is when an elder requires immediate long-term care services, but their assets limit them from qualifying for the Medicaid program.
How Do You Know If You Are Eligible for Medicaid?
There are two ways to find out if you’re eligible for Medicaid, even if you weren’t eligible earlier. The first method is to visit the state’s Medicaid website to find out about the eligibility requirements.
You can also contact a Medicaid lawyer from a reputable law firm like Harkins Elder Law for professional guidance and Medicaid planning services.
