Preserve Your Future with Medicaid Crisis Planning

Does your loved one suddenly need nursing home care? Here’s what to do.

You probably know it’s best to plan for Medicaid in advance. But what if your elderly family member unexpectedly needs nursing home care or has to move to an assisted living facility? An experienced attorney can help you preserve your future with Medicaid crisis planning.

At Chesapeake Wills and Trusts, we have helped many families protect their life savings and still qualify for Medicaid. 

Let’s talk about how our legal team can shield your assets in a health crisis.

Medicaid’s Five-Year Lookback Period in Maryland

On average, nursing home costs in Maryland amount to over $100,000 a year, an overwhelming sum for most families. That’s quite a hefty sum, so to qualify for Medicaid coverage, seniors often spend down most of their assets.

When processing applications, Medicaid implements a rule known as the five-year lookback period. If the senior transferred money or assets over the last five years, this reduces their eligibility for benefits. Roughly every $9,000 you transfer or give away disqualifies you for one month of Medicaid-funded nursing home care.

Is It Too Late to Make a Medicaid Plan?

So, does that mean nursing home care will gobble up your family’s assets if you haven’t planned for a Medicaid crisis? 

The good news is that the answer is no.

Unlike many people think, you don’t need to spend everything you own to qualify for Medicaid. With quick action, it’s still possible to preserve your future with Medicaid crisis planning, even once your loved one is already in the nursing home.

Our law firm can review your family’s assets, recommend an optimal emergency asset protection plan, and handle the Medicaid application process on your behalf.

Possible Medicaid Crisis Solutions

Standard asset protection solutions, like trusts, won’t work in a Medicaid crisis because of the five-year lookback period. However, our experienced elder law attorneys can suggest alternative options for shielding your or your loved one’s property, like a Medicaid-compliant annuity.

With Medicaid annuities, the senior can divest themselves of a lump amount of money in return for guaranteed income that may supplement their needs or provide for a spouse that continues to live in the family home.

This may sound simple, but Medicaid annuities need proper structuring to preserve your family’s assets and enable your loved one to qualify for Medicaid. 

You need to work with an experienced elder law attorney who knows how to create Medicaid-compliant annuities and handle other aspects of Medicaid crisis planning.

Does Your Loved One Need Long-Term Care? We Can Help

Are you worried about looming nursing home costs now that your loved one needs long-term care? Our skilled legal team at Chesapeake Wills and Trusts can help you protect your family’s assets and preserve your future with Medicaid crisis planning. 

Schedule a call today for a consultation with a Medicaid crisis lawyer in Glen Burnie, MD.