Glenview IL Medicaid Planning & Elder Law Lawyer
What is Medicaid?
Think of Medicaid as “Nursing Home Financial Aid.” Medicaid is a federal program that covers the cost of nursing home care for those who meet the four eligibility tests.
Though it’s a federal program, Medicaid is administered by the states. This means that the rules are applied differently from state to state and from county to county.
Though Medicaid planning is complex, it’s important to understand this: Medicaid is there to help families like yours. Planning is the best way to ensure that you receive the benefits and assure protection of your hard-earned assets.
What are my first steps?
The first step in Medicaid planning is education. The more you know about how Medicaid works the better you will be able to look out for the interests of your family.
This site will give you an introductory, easy-to-grasp understanding of Medicaid law. If you are at all confused or need more information, call us!
Dispel the myths and misconceptions…
First: Let’s clear up the confusion and mistaken beliefs that cloud your understanding of the Medicaid Benefit:
It’s never too late
Medicaid planning can begin anytime, even if your loved one is already in a skilled care facility. The earlier you plan, the better are your options to get the outcome you want.
You can keep your home
Medicaid does not make you sell your home. If you’re married, and you or your spouse needs to go into a nursing home, your home is exempt from Medicaid’s calculation of what your contribution to the cost of care should be.
If you are unmarried or widowed and you go into a nursing home, your house may be exempt if you follow certain procedures. You can protect your home, and planning is the key.
Don’t give away the store
Since major law changes in 2006, “gifting” away your assets creates massive problems for you. Don’t ever gift or loan more than $1000 without first getting an attorney to tell you, in writing what to gift, when and how.
Anchor in safe harbors
Congress has created a number of “safe harbor” provisions for protecting your assets. These allow transfers of your assets to get protected status.
Carefully choose when you apply
Rule of thumb: Do not apply for Medicaid without a plan to ensure you qualify.
Get the right help
Medicaid planning is a complex matter. You need expert assistance to keep your assets safe. Only work with a law firm with proven expertise in Medicaid law and the ongoing support for you through the process.