Many elderly and disabled people will need Medicaid to help pay for their long-term care. Medicaid Planning Attorney Megan Jury explains how your or your loved one can qualify for Medicaid without losing everything.
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If you need help with Medicaid Planning, call 303-688-0944 to set up a case assessment or schedule yourself online when you click here.
Medicaid and Elder Care
Medicaid is a federal program that provides healthcare coverage for low-income, as well as aged and disabled, individuals. It is administered by the state, and it is the primary way people will pay for their long-term skilled nursing care. With nursing care, the average monthly cost for private pay can be upwards of $8,000, $9,000. So people, even if they’re well-prepared financially, at some point often have to evaluate whether Medicaid is appropriate for them or not.
So How Do You Become Eligible for Medicaid?
There are basic requirements — age, disability — as well as functional requirements: how much assistance do you need with your daily living activities? But the primary factor we deal with is the financial eligibility for Medicaid.
You have to meet both the asset and income requirements in order to qualify and they are low, which requires a spend-down of your assets before you can apply for Medicaid because an individual, to qualify for Medicaid, is only allowed to have $2,000 in total assets.
Now, does this include everything?
There are a few exclusions, such as:
- a primary residence
- a vehicle
- an irrevocable burial plan
- household goods
- personal property
Other than that, Medicaid counts all of your assets. So in order to qualify, you need to develop a spend-down plan.
But How Do I Do That?
We look at it in two ways. There is the pre-planning, which occurs no earlier than five years before you would be qualifying for Medicaid, or crisis planning, where you need to spend down as soon as possible.
We are here to assist. If you have any questions, please give us a call at 303-688-0944 to set up a case assessment or schedule yourself online when you click here.