If you are ever to find yourself in need of nursing home or in-home care, Medicaid coverage can be of huge benefit toward protecting your assets. There are many misconceptions about Medicaid eligibility, but the truth is that there are many ways to become eligible for Medicaid while protecting your hard-earned money.
Without Medicaid coverage, you will be personally responsible for covering the monthly cost of nursing home care. In the Tulsa, Oklahoma and Broken Arrow, Oklahoma, the average monthly cost is $4,500 to $7,500 and continues to rise That money will quickly be depleted from any savings or retirement accounts you have stored away, and you will then have to turn to other assets to pay for this care – like your home, cars, and other material possessions.
You might think that you own too much or that your income is too high to qualify for Medicaid. In truth, there are ways to expedite qualification for Medicaid with the help of an experienced attorney. Littleton Legal has helped some of our Elder Law clients save hundreds of thousands of dollars.
For starters, we help you work around the income and asset limits for Medicaid eligibility by knowing what is and is not included in your eligibility, such as your home or vehicle. You might also incorrectly think you have to “spend down” all of your net worth to qualify for Medicaid. We help our clients to create a plan that prevents or minimizes the need to spend down their assets before qualifying for Medicaid.
Crisis Medicaid Planning vs Non-Crisis Medicaid Planning
It’s important, know the difference between crisis planning and non-crisis planning. If your long-term care is eminent, or if you’re already in a nursing home or using in-home care, this is what we refer to as crisis planning. Unfortunately, if you wait until the need is upon you, you can spend thousands of dollars on upfront care costs while the application is prepared, and eligibility is established.
If your long-term care is not immediate and you’re planning ahead for the future possibility of needing long-term care in your house or a nursing home, this is referred to as “Non-Crisis Planning.” Non-crisis planning is the most efficient way to save your assets from being drained by long-term care costs. It also saves you and your family from the added stress of watching your accounts suffer while you suffer, as well.