Springfield Medicaid Asset Protection & Nursing Home Planning Lawyers
Medicaid planning is important and may be done well in advance of your need for nursing home care, but may also be done during a crisis event if needed. An elder law attorney can advise and educate you on the available planning options depending on your circumstances. If Medicaid planning is not done in advance, and you or a loved one is in need of nursing home care, an elder law attorney may be able to help with asset protection and Medicaid eligibility.
Medicaid is a public benefits program structured to provide health coverage to qualified individuals, including those who are 65 or older, disabled or blind. Medicare and most private health insurance plans pay only limited days in a nursing home. The Medicaid program for nursing home care acts as a safety net to those seniors who cannot afford to cover all of their own long-term care costs, including the cost of a nursing home.
In Missouri, our Medicaid program is called MO HealthNet. The rules to qualify for MO HealthNet for nursing home care, called Vendor Medicaid, are very complex and there are different rules for married couples as opposed to a single individual. There is also certain property that is not counted, such as the home or a vehicle, but might still be subject to liens upon death if proper planning is not implemented ahead of time; and there are complicated rules relating to look-back periods for gifting and transfer penalties. For example, Medicaid has a five-year look back rule. Under the five-year look back rule, Medicaid can impose a period of disqualification for nursing home Medicaid coverage if money or assets were transferred within five years prior to applying for Medicaid for nursing home coverage. The period of disqualification is calculated based on the amount of money or property transferred during the five-year look back period.
Questions About Nursing Home Planning? We Can help.
Why Hiring an Experienced Medicaid Attorney Matters
Medicaid planning may be done in advance of the need for nursing home care through an Elder Law attorney. If not done in advance, an Elder Law attorney may be able to help protect assets while qualifying for Medicaid benefits sooner. For those reasons, an experienced medicaid attorney matters.
In addition, the Medicaid application process can be lengthy and require documented proof of resources and income. The State of Missouri may also try to recover money spent for your nursing home care from your estate through Medicaid estate recovery. An elder law attorney may advise you on a plan to protect your estate assets. With all of the requirements and potential changes in government regulation of Medicaid, seniors must be proactive when planning for their long-term care. Medicaid is not an area that you should try to handle yourself as simple mistakes in timing can cost thousands of dollars.
Because there are stringent requirements as to the amount of assets a person (or couple) may have in order to qualify for MO HeathNet, it is important to talk with a skilled attorney to discuss what planning will be best for your situation. Discuss your options with us so that you know what planning will best meet your needs.
Frequently Asked Questions
How can I protect my assets from Medicaid?
The best thing to do to protect your assets from Medicaid is to meet with a qualified elder law attorney who can provide you with tailored legal advice specific to your situation. You should not rely solely on an internet search or stories from friends/family; Medicaid rules are complex and ever changing. If you or a loved one may need a nursing home in the future, a good financial durable power of attorney will be extremely useful to preserve assets at that time. A financial durable power of attorney should be prepared well before an individual needs nursing home care.
Can a nursing home take everything you own?
The short answer is no, the nursing home will not take everything you own, including your house. However, your assets, may affect your ability to qualify for Vendor Medicaid to help cover a portion of your nursing home costs. If you do not qualify for Vendor Medicaid, or other benefits such as Medicare (20 days) or VA Aid & Attendance, you may be required to private pay your nursing home costs. Private pay means paying the costs each month out of private funds, such as savings accounts or retirement accounts.
How far back does medicaid look for assets?
The look-back period for transfers of assets is 60 months (i.e., 5 years). A transfer of real or personal property within the 5 year look back period from date of Medicaid application must be reported on the application. If there is an indication a Medicaid applicant may have transferred real or personal property within the 5 year look-back period, the Medicaid worker may conduct further investigation if it’s not reported. Assets that are transferred for less than fair market value (i.e. gifts) will be penalized by Medicaid.
