A common concern among the elderly is that a nursing home will take all their savings and assets to cover the cost of their care. A Medicaid trust is a legal means that allows you to protect your assets while still receiving Medicaid benefits. This type of trust can...
Medicaid Planning And Asset Protection
How the Medicaid look-back period works
When a senior intends to apply for long-term Medicaid, there is an asset limit. For you to be eligible, you cannot have assets that are above the threshold limit. Medicaid’s look-back period is supposed to prevent applicants from giving away assets or selling them...
What does Medicaid estate recovery mean for your New Jersey home?
Not everyone can qualify for Medicaid right away. New Jersey has strict income and asset limitations on the program. Only those with real financial need can typically count on Medicaid benefits. Others may have to wait months for benefits if they incur a penalty when...
How far ahead do you need to plan to apply for Medicaid?
Medicaid is a needs-based program that will cover medical costs ranging from a cast on a child's broken leg to an older adult's nursing home expenses. If you don't have the resources to pay for your own medical care, you can ask Medicaid to cover your costs. New...
Nursing facilities: What is and what is not paid by Medicaid
Elder Americans have many concerns about what will happen to them if a day comes when they can no longer care for themselves. For those with limited financial resources, aging and the possible need to enter a nursing facility are especially worrisome. Fortunately, the...
How certain trusts can help you preserve your eligibility for Medicaid
Individuals wishing to qualify for Medicaid must be low income and have limited assets. In most jurisdictions, you become ineligible for Medicaid if you own more than $2,000 in assets. Turning over what you have to loved ones to qualify for Medicaid may land you in...
Waiting to plan for Medicaid is a risky kind of procrastination
Medicare is the health plan that exists specifically to address the medical needs of those at or past the age of retirement. It is common for older adults to stop paying for private insurance and instead start supplementing a Medicare policy once they decide to retire...
Will your family home impact your Medicaid eligibility?
As you get older, the property you own becomes more important. You may have built up years of memories in your family home. You may have raised your children there or spent time reading to your grandchildren. Preparing for Medicaid may leave you with an important...
Why should you work with an attorney for Medicaid planning?
Whether you need to apply for Medicaid in the near future or want to ensure that these benefits are available to you in your later years, the Medicaid planning and application process can be daunting. Working with an attorney could be one of the best ways to protect...
Medicaid eligibility: Lookback period and penalties
When a person applies for Medicaid, they are subjected to the lookback period. Because this is a needs-based program, the participants can’t try to give things away in order to meet the eligibility requirements. The caseworker who reviews the application goes back...