Few, if any, individuals are equipped to pay for long-term care on an extended basis. Medicaid can step in to cover the cost, but the rules to qualify for the program are strict. If you want to preserve assets for your spouse, children, or other heirs, you need to work with an experienced Medicaid planning attorney.
How Medicaid Planning Works
Seniors are often shocked to learn that Medicare does not pay for nursing home costs except in extremely limited circumstances. Medicaid is the jointly funded federal and state program that will pick up the tab for long-term care when a person meets the specific income and asset eligibility requirements. Eligibility is determined independently in each state, although the basic standards are the same throughout the United States.
Medicaid planning is a highly personalized process dependent upon your age, health, family needs, income, and assets. In Virginia, Medicaid planning often involves:
- Creating trusts
- Managing asset transfers
- Converting countable assets into exempt assets
- Protecting a family home from Medicaid recovery efforts after the recipient has passed away
- Prepaying for funeral and burial costs
- Planning for the needs of the spouse who will remain at home
- Discussing how to manage your finances in the future to preserve eligibility for Medicaid services
- Navigating the appeals process if your initial application for Medicaid is denied
It is important to note that Virginia has a strict Medicaid look-back period of five years. Assets can’t be given to heirs or sold cheaply to qualify for the program. If the look-back period finds violations, the applicant becomes ineligible for long-term care assistance.
How GuideOn Legal Services Can Help
Attorneys Jack Grimes and Leah Henschen know how hard you’ve worked to provide for yourself and your family. While GuideOn Legal Services is open to all clients, we are particularly adept in helping Veterans, law enforcement officers, first responders, and members of the intelligence community proactively plan for their long-term care needs so they can protect assets for their heirs. It's our way of giving back to those who serve. Call or complete the contact form below today to discuss how our Medicaid planning services can help you to Live Long, End Strong®