When a loved one goes into a long-term care facility, family members are often at a loss as to how to pay for this service. For many families, utilizing Medicaid is the best option.
Our firm is a leader in the area of what we refer to as “crisis” Medicaid planning. This type of planning refers to dealing with assets when a loved one enters a long-term care facility and no previous plans or arrangements for their assets have been made.
Before getting assistance from Medicaid, a person must have their assets spent down under two thousand dollars ($2,000.00). Without planning, this often means impoverishing loved ones and leaving little to nothing for their heirs. If you or anyone you know are “spending down” in order to meet Medicaid requirements, CONTACT US IMMEDIATELY! It’s never too late!
If you are looking to prevent assets from being used to pay for long-term care costs, then you must take action. Below are some examples of what kind of savings we have provided to our clients:
1. Client had total assets of $300,000 and received a monthly income of $1,500. Client went into Nursing Home that cost $250 per day for an approximate monthly cost of $7,500.
If the client were to “spend down” their assets, it would take 50 months paying out of pocket for the client to spend all of their money on nursing home costs before they would qualify for Medicaid.
Instead, with our assistance the client was able to save approximately $150,000 of their assets, and they were on Medicaid in 21 months.
2. Client had total assets of $21,270 and had a monthly income of approximately $1,800. Client went into nursing home that cost $250 per day for an approximate monthly cost of $7,500.
In this situation, if the client were to “spend down” their assets, they would have been out of money and Medicaid eligible in 4 months.
However, with our assistance, we were able to save approximately $13,810 of their assets and had them Medicaid eligible in just 1 month.
As these examples show, no matter how much or how little a client has, we can help protect their assets and enable them to leave a legacy for their beneficiaries.