Long-term care can cost more than ten thousand dollars per month, and many people need assistance affording the bills. With our attorneys’ assistance, you may be able to avoid the frustration of being denied coverage and save your spouse or children the costs associated with paying for your medical care out-of-pocket.
For those over the age of 65, blind, or disabled, Medicaid can be an important source of financing for long-term care.
If you require long-term care, your assets (other than certain assets which may be non-countable) are worth less than $2,000.00, and your income (including social security) is less than $2,313.00 for 2019, you may be eligible for Medicaid to pay substantially all of your nursing home costs. Please note that these figures vary based on your circumstances. A married spouse who remains at home may be able to preserve a significant portion of the couple’s assets if the other spouse is institutionalized.
The elder law attorneys at Costanzo & Russom Law Group can assist you in determining whether you are eligible and, if not, what you could do to become eligible.
The rules for Medicaid applications are quite complex and transfers of assets to third parties (such as gifts to children) in order to become eligible for the program can result in the imposition of a penalty period. Asset transfers or gifts made within five years of a Medicaid application are penalized. During a penalty period, the State will not pay for your care. Our attorneys can help you plan to eliminate, reduce, or offset transfer penalties.
Failing to plan or obtain proper legal counsel from an experience elder law attorney often results in families leaving thousands of dollars on the table.