Elder Law and Medicaid Eligibility: How Do They Relate?
Elder law focuses on the needs of the elderly community at-large. More specifically, it focuses on the needs of aging parents and helping children plan for the increased care their parents will need. One common matter as it relates to seniors is Medicaid eligibility. Without a doubt, Medicaid eligibility can be a complex and confusing process, particularly when it comes to the application process. That often leads to rejections because a family did not “PBA” - Plan Before Applying.
Most already know that to qualify for Medicaid benefits, you must meet certain income and asset requirements. Medicaid's asset limit is quite low - typically around $2,000 - which means that seniors with significant assets may not be eligible for Medicaid unless they take steps to reduce their assets (PBA) using strategies such as Asset Protection Planning and/or Medicaid Planning.
An Elder Law attorney specializes in Medicaid planning, helping seniors to best position themselves to receive care, if needed. The Elder Law attorney helps the senior individual(s) derive a plan that maximizes Medicaid eligibility while preserving as many assets as possible. Medicaid planning can involve a variety of strategies, therefore meeting with an Elder Law attorney, only after providing as much information up-front as possible, will reveal which strategy is best for your unique circumstance.
Other Medicaid eligibility requirements may include but limited to, are medical necessity - meaning that the senior requires nursing home care due to a medical condition - and citizenship or legal residency status.
Regardless of your unique circumstances, the best plan, will always be the one that is put into place before care is needed. When a family proactively retains an elder law attorney, they can usually expect to preserve the maximum amount of assets.
This article is a service of Legally Remote, PLLC, your North-Central Florida Personal Family Lawyer®. We do not just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That's why we offer a Legacy Planning Session™, during which you will get more financially organized than you’ve ever been before and make all the best choices for the people you love.