A Parman & Easterday Medicaid attorney can help you get your nursing home bills covered. There often appear to be few or no options to pay for nursing home care, other than paying out of your own pocket or getting Medicaid to pick up the bills. Unfortunately, Medicaid coverage eligibility is limited and you could be closed out until you spend a lot of your own money. If, however, you act early and establish an advanced Medicaid plan, this will not happen to you.
Parman and Easterday understands the Medicaid planning process and has provided assistance to countless people in Kansas, Missouri and Oklahoma who want to protect their nest egg and make sure their nursing home bills do not destroy their legacy. When you need a Medicaid attorney to help you protect your financial security and ensure you get essential nursing home care, give us a call.
How Does a Medicaid Attorney Help Get Bills Paid?
The Genworth Cost of Care Survey for the state of Kansas in 2015 revealed that the average cost for a year in a Kansas nursing home was $60,225 for a semi-private room, and $65,700 for a private room. These costs are representative of what you will pay in Missouri and Oklahoma. Many people are not able to afford these costs.
Medicare Part A can help you pay for nursing home care, but only for a limited period and only if you need a nursing staff to provide skilled medical services, such as surgical after-care. If you need custodial care, which is why the majority of people go into nursing homes, Medicare will not pay. This type of coverage is not available through Medicare, even with an advantage plan. Private insurers, except those providing long-term care policies, also will not pay for nursing homes when custodial care is needed.
This means that if you don’t have adequate long-term care insurance or the large sums of money it takes to pay for custodial care, you will need to qualify for Medicaid. The problem is, Medicaid is means-tested. If you have too many resources, you won’t qualify for benefits. You would have to pay for the nursing home using your own money until your resources drop below the allowable level to qualify for Medicaid benefits. Then you would finally get Medicaid coverage-but your wealth would be depleted and you would not leave a legacy.
A Medicaid attorney can help you qualify for Medicaid without having to spend down your wealth. It requires restructuring the ownership of your wealth and assets so that your money and property no longer counts as a resource in determining eligibility for Medicaid coverage. Taking the steps necessary to properly structure your ownership is complicated and normally requires assistance from an experienced elder law attorney to avoid mistakes.
When Should You Talk with a Medicaid Attorney?
It is a good idea to talk with a Medicaid attorney as soon as you can. It is hard to know when you will need nursing home care, so you should consider getting help now while you still have substantial assets you want to protect. Ideally, you will work with the attorney to create your Medicaid plan at least five years before you actually need Medicaid benefits.
Making and executing a plan at least five years in advance is important because Medicaid has a five-year lookback rule. When you apply for benefits, you must provide financial records. Medicaid determines whether any disqualifying transfers of assets occurred during the five years before the time of your application. If you gave away property, sold it for less than its worth, or otherwise transferred it within the prior five years, you will be disqualified for some period of time before you will qualify for Medicaid coverage. This disqualification period is based on the average monthly nursing home cost in your area.
Contact a Medicaid Attorney Today
You cannot afford to wait to begin making a Medicaid plan. Your assets are in jeopardy as something could happen to you at any time that results in the need for nursing home care. Parman and Easterday provides Medicaid planning assistance to people at all age levels to make sure your nursing home bills are covered and you don’t lose everything you have when you need care.
To find out more about the Medicaid planning process and about how a Parman & Easterday Medicaid attorney can assist you, join us for a free seminar . You can also call us today at (405) 703-9987 or (913) 385-9400 or contact us online to speak with a member of our legal team.
- Five Things You Need to Know About Medicaid Planning - July 27, 2021
- Debunking Four Estate Planning Myths - July 22, 2021
- These Two Bills Would Broaden Taxes on Inheritances - July 20, 2021