Medicaid is a federal and state government program that will contribute to the cost of a nursing home, or, in some cases, will contribute to some of your assisted living or home-based care needs. To qualify for Medicaid, however, you must meet an income and asset test. In general, you may qualify for Medicaid if you have less than $2,000, a house, and a car in your name. You may not, however, give all of your assets away just prior to applying for Medicaid so that it looks like you meet the asset test. There is a 5 year “Lookback Period”, in which the Department of Health and Human Services (“DHHS”) will look through all of your finances for the 5 years prior to your Medicaid application to determine if you gave away any assets for which you did not receive reasonably equivalent value (i.e., gifts). If you made such a transfer or gift during that time, DHHS will impose a “penalty period” on your Medicaid benefits.
The attorneys at La Grasso, Abdo & Silveri, PLLC can help you navigate these – and many other – complex rules to determine if and how you can become Medicaid eligible in the manner that works best for you and your goals.
For clients who see the Medicaid program as a viable solution for them in the future, our firm provides many solutions which could preserve some of your wealth to pass down to future generations while still being able to apply and qualify for Medicaid. As always, your situation is unique. As such, it is important to talk with an attorney who could advise you of the potential solutions available to you.
For those who have not planned in advance but have determined that they need nursing home care immediately, our firm is equipped to provide a multitude of solutions to help you prepare for the Medicaid application process and ultimately to help you become eligible. The laws appear daunting and navigating through them alone can prove difficult. At La Grasso, Abdo & Silveri, PLLC, we are here to help ease the burden and provide the best possible solutions for you or a loved one.
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