Effective Guidance In Long-Term Care Benefits Planning
Just the thought of outliving your assets can trigger fear. The fact is that this problem happens more now than ever before. Thanks to modern medicine, we are living longer. The odds of needing nursing home care are high. Research shows roughly half of the people older than 65 will need skilled care at some point in their life before death.
With an average cost of $6,000 to $7,000 per month for nursing home care, long-term care can be a financial concern for anyone. Planning for nursing home care is a practical way to prevent an almost certain crisis with no planning. Walker Law Group, L.L.C., in Alexandria, Louisiana, has been guiding clients through long-term care planning for more than 40 years. Allow us to use our knowledge and experience to protect you and your family from unforeseen hardships and empower you to leave the strongest financial legacy possible for your loved ones.
A Specialist On Nursing Home Benefits
Families may become overwhelmed when steps aren’t taken to prepare for nursing home care. The financial strain can be devastating. Fortunately, recent changes in nursing home benefits qualification rules have opened the door to many families for help covering costs. So, you can forget what you’ve seen or heard about qualifying for nursing home benefits. At no charge or commitment, we will analyze your particular circumstances to see if you may qualify for nursing home benefits using these new and unfortunately, little known rule changes.
We will make a thorough investigation of your particular circumstances to find overlooked insurance plans and Medicaid strategies that can protect you when you can no longer take care of yourself or a loved one. Most people just don’t know the secrets of where to look and how to get these readily available benefits. Founding attorney H. Gregory Walker Jr. is a reliable attorney who limits his legal practice to making sure his clients get all of the government benefits they deserve and are entitled to.
Who Qualifies For Long-Term Care?
Here is a quick three-step breakdown about qualifying for long-term care benefits:
- A person must have a medical need for being in a nursing home and intend to remain there for at least 30 days.
- A person’s gross income for the month of application should not exceed $2,349 (for 2020 with yearly increases). There is no limit on the spouse’s income. If the person’s income exceeds that amount, there are likely exceptions that may still result in satisfying the income test.
- A person’s assets should not exceed $2,000 on the first day of the month that he or she is applying for benefits. The spouse’s assets should not exceed $128,640 (for 2020 with yearly increases). Some assets may be exempt and not counted toward these qualifying limits.
Attentive and understanding, Mr. Walker can provide simple explanations about the complex world of long-term care planning. He has a never-ending devotion to his clients.
The “Five-Year Rule”
Many believe that if you give your assets away, you must wait five years to qualify for Medicaid long-term care benefits. This is not true. The “five-year rule” has nothing to do with determining your qualification for benefits. Often, many nursing home residents can “forget” the five-year rule and immediately become eligible to receive long term care benefits.
The five years before submitting an application for nursing home benefits are commonly referred to as the Medicaid “look-back period.” Certain transactions in the look-back period may cause a delay before Medicaid begins paying full benefits. This is called a “penalty period.” However, you will still qualify for Medicaid medical benefits during the penalty period even if you made a gift within five years of applying for Medicaid long-term care benefits. If handled properly, you will not have to go broke while paying a nursing home during the penalty period. Of course, with proper planning now, you should qualify immediately for full nursing home long-term care benefits without a penalty period.
Schedule An Appointment Now
With more than 40 years of legal experience advising clients about long-term care planning, Walker Law Group, L.L.C., has the skills and experience to help you. Mr. Walker conducts many free educational seminars about how to qualify and plan for Medicaid long-term care benefits. Please contact us via this intake form or by calling 318-445-4516.