Private health insurance does not cover nursing homes or other long-term care facilities. However, it is not the only answer for covering these costs. Determining your eligibility and planning for Medicaid, whether you need care now or in 15 years, can help you save your assets and keep the financial burden of your long-term care off your family’s shoulders.
However, this process can be difficult. This is why the Medicaid planning team at Bratton Scott does what we do — because everyone deserves peace of mind about getting the care they need as they age. A Medicaid planning attorney in Ewing can help you protect your assets while also ensuring you qualify for Medicaid or other programs that will cover your nursing home or in-home care.
Call us today at 856-857-6007 to learn more.
Is It Difficult to Qualify for Medicaid In New Jersey?
It can be. Medicaid is a need-based government program that provides healthcare and long-term care coverage for those who meet its strict income and asset limits, as well as other criteria. Medicaid is one of the most common ways families pay for nursing home and in-home care when a family member requires around-the-clock supervision and support.
To qualify for Medicaid in New Jersey, you must:
- Be a U.S. citizen or meet the criteria for a qualifying immigrant
- Be at least 65 years old or suffering from a qualifying permanent disability
- Be able to document income and assets that meet the strict limits
In most cases, people who do not qualify for Medicaid do not meet the limits on income and assets.
While some assets are exempt, they do look at your bank and savings accounts, life insurance policies, retirement accounts, and many other assets. This means you must spend down these assets before you can qualify for benefits.
However, there are also limits on how you can distribute your assets in the five years before filing for Medicaid. Because so many people try to hide assets or give them away to family to qualify, Medicaid looks at your financial records for the last few years before you applied for benefits. This may include your mortgage statements, credit card bills, tax records, financial statements and other documents.
If anything looks out of order, it may bar you from receiving Medicaid for a substantial amount of time. Proper Medicaid planning can help you avoid this issue, and ensure your family still receives the assets you worked hard to earn.
How Can Medicaid Planning Give Me Peace of Mind About My Future Care?
Many people worry about their quality of life and getting the care they need if they ever require a nursing home or other care facility. Some people suffer for years without the proper level of care they require based on their health conditions. The only way you can eliminate this worry and dread is to ensure you have a plan in place that provides for the best possible care.
Not only can we help you prepare for the future by planning how you can qualify for Medicaid as soon as possible, we can also offer other resources to help you worry less. We have social workers and registered nurses on our team who can connect you with local programs and plan coordination of care to meet needs Medicaid does not cover.
These may help you address current medical needs, or simply use for future care if necessary. Our goal is to ensure you have the best quality of life possible in your current and final years. This includes the peace of mind that comes from having a comprehensive plan to pay for any medical care you may need.
How Can a Medicaid Planning Attorney in Ewing Help Me Protect My Assets?
Unfortunately, many people must pay for their nursing home or in-home care needs out of pocket until they spend down most of their remaining assets. Only then can they qualify for Medicaid and other government benefits. By planning ahead, however, we can help you avoid this situation and protect your assets. This allows you to pass your hard-earned assets on to your children and other family, while qualifying for Medicaid sooner.
Having a knowledgeable Medicaid planning lawyer on your side during this process is key because Medicaid will look for any attempt to hide or divest assets while reviewing your application. If Medicaid sees anything it believes may be in violation of its rules, it could deny you benefits and bar you from reapplying for several years.
Depending on when we begin the Medicaid planning process, we may be able to protect some or all your assets using trusts and other financial vehicles. This means your family will still have access to the money you put away for them, and you can receive the government benefits you need to pay for your long-term care.
It is important to begin your Medicaid planning as early as possible. The Medicaid rules limit what we can do without affecting your eligibility if we are within five years of you needing to apply for these benefits although we can still help within that time frame. Because our goal is to protect your assets, we can start early without losing anything. This allows us to put away more money in a safe place, giving your heirs a larger inheritance.
How Can I Talk to a Medicaid Planning Attorney in Ewing?
Bratton Scott’s Medicaid planning team can give you peace of mind about your future care, while also ensuring you leave as much money to your family as possible. Call us today at 856-857-6007 to set up a time that fits your schedule.