The cost of long-term care in the United States continues to rise at an alarming rate. According to the most recent data, the median annual cost of a semi-private room in a nursing home is now over $100,000. With costs this high, many retirees are rightfully concerned about how they will pay for care if and when it becomes necessary.

Fortunately, Medicaid can provide a critical safety net to help cover these expenses. Medicaid is a needs-based program that provides health coverage to eligible seniors and disabled individuals, including payment for long-term care services like nursing home care. However, Medicaid has strict income and asset eligibility limits that can make qualifying difficult. This is where strategic Medicaid planning with an experienced elder law attorney can make all the difference.

At Rochester Elder Law, Medicaid planning is one of our core practice areas. We have extensive experience guiding clients through the Medicaid qualification process in a legal and ethical manner. There are several reasons our clients frequently turn to us for help with Medicaid planning:

• To pay for long-term care without spending down all assets. With proper planning, it is often possible to qualify for Medicaid while still preserving at least some assets for a healthy spouse or other beneficiaries. We can help shelter assets in ways that comply with Medicaid rules.
  
  
• For peace of mind and advanced preparation. We recommend starting the Medicaid planning process well in advance of when care may be needed, ideally 5+ years ahead. This gives more options for repositioning assets.
  
  
• As an estate planning strategy. Medicaid planning dovetails with other estate planning goals like providing for a surviving spouse and leaving an inheritance. We coordinate Medicaid strategies with estate plans.
  
  
• To avoid common mistakes. The Medicaid rules are nuanced and vary by state. Even small errors can lead to denied applications and lengthy appeals. We ensure our clients avoid missteps.

Understanding Your State's Specific Rules

A key thing to know about Medicaid is that the program is jointly run by federal and state governments. While some rules are consistent nationwide, the specific income and asset limits can vary considerably between states.

Before creating any Medicaid plan, it's essential first to understand your own state's current eligibility thresholds. At Rochester Elder Law, we stay up to date on all the latest figures and regulations so we can advise clients accurately. We also have relationships with the local Medicaid office which is invaluable when navigating the application process.

How We Can Help with Medicaid Asset Protection

Once we understand your financial situation and long-term care goals, we will suggest asset repositioning strategies to help you qualify for Medicaid benefits. Common techniques we may recommend include:

• Gifting assets to family members, within Medicaid gifting rules
• Converting countable assets to non-countable forms like home improvements
• Investing in annuities that convert assets to non-countable income streams
• Making use of income-only trusts
• Purchasing exempt assets like prepaid funeral plans

The optimal strategies will depend on your specific circumstances. We will explain all options thoroughly and help you select suitable techniques based on your timeline, assets, family situation, and objectives.

Applying for Medicaid with Expert Help

When the time comes to actually apply for Medicaid, our assistance can be invaluable. We will compile all the financial records required and help you fill out all paperwork meticulously. We will also represent you if any issues arise with being approved for benefits.

Don't let worries about paying for care prevent you from getting the services you or a loved one needs. With proper Medicaid planning well in advance, it is often possible to obtain Medicaid coverage for nursing home care or in-home care while still retaining a portion of your nest egg. Contact us today to schedule a consultation and start developing your Medicaid asset protection plan.