Medicaid is a federal government benefits program that can provide direct payments to nursing homes when patients are unable to pay their bills. However, this is a needs-based program and will only provide benefits to those who are unable to pay for nursing care on their own. Because of this, it is crucial that current and prospective beneficiaries of nursing home Medicaid in Marietta understand this program and how to improve their chances of eligibility.
A Medicaid lawyer can help you explore options that lower your monthly income and overall asset level. This could put your overall ownership below state and federal levels that determine eligibility for Medicaid while keeping your house and savings within your control and avoiding unwelcome sales and legal entanglements.
Nursing home care can cost more than $90,000 a year. Most people do not have this amount readily available in cash and may resort to paying for care by selling a family home or other valuable real estate. This is not a desirable outcome, but there are fortunately other options available to pay for this care.
One option is to seek out Medicaid benefits for nursing homes in Marietta. However, these are only available to people who have no other way of paying for nursing home care. In such cases, Medicaid will consider a family home something you can sell to raise funds. A seasoned attorney can help to craft trusts that transfer ownership of your house while still allowing you to live there for the time being. This helps to shield a house from sale related to nursing home bills.
Still, there are limits to a person’s ability to transfer a house into a Trust. Section 1917(c)(1)(B)(i) of the Social Security Act says that Medicaid will use a five-year lookback period when evaluating an applicant’s eligibility for nursing home benefits. For this reason, it is crucial to place a home into these Trusts with the help of a lawyer as soon as possible to avoid this potential complication.
Medicaid evaluates not just your overall asset level but also your current monthly income when determining eligibility for benefits. The state sets a maximum income level for Medicaid eligibility, meaning that a person applying for Medicaid cannot receive more than this amount of income from all sources.
An experienced attorney can use creative trust planning to avoid this roadblock. By creating a Qualified Income Trust, a person can direct their monthly income into a separate legal entity. Once money is moved into it, it is not considered income for the purposes of Medicaid eligibility analysis. If you pursue this option, you should also be aware that money placed into a Qualified Income Trust must go directly towards paying for nursing home care. A knowledgeable Marietta lawyer can help further explain these nursing home Medicaid requirements.
Obtaining nursing home Medicaid in Marietta is crucial for many people. However, many people retain ownership of valuables they wish to keep in the family or have monthly incomes that leave them ineligible for benefits. It is understandable to want to protect these things while still receiving the care you need.
Allowing a lawyer to evaluate your options for asset management while still obtaining Medicaid benefits could be the right step for you. This can involve creating Trusts that transfer assets to new owners while decreasing your overall asset level. Reach out to an attorney now to get started.
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