Long-Term Care Planning / Medicaid
Paying for long term care (in-home or in a facility) can be an extraordinary burden on families.
While the cost of care varies depending on the level of care required, it is not uncommon to see monthly costs reach $10,000 per month or more. For most, these costs are unsustainable and can quickly deplete a nest-egg built over a lifetime of hard work. Asset preservation, either through Long Term Care Medicaid qualification or through other means is a primary focus of our practice. We closely examine each client’s situation to evaluate all options. This might include “pre-planning” for Medicaid qualification, examining whether gifting of assets is possible, determining whether in-home care or an care institution is more financially appropriate, and when appropriate, assisting with the preparation and submission of Medicaid Long Term Care applications.
Medicaid Long Term Care Application
Applying for Medicaid long-term care can be a daunting task. The eligibility criteria to be approved for benefits are strict and the documentation required to support an application is substantial, covering the past five years or longer. Estate planning that takes long-term care into consideration and can greatly improve the chances of a smooth application process and ensure the maximum preservation of client assets. At Meyers, Neubeck & Hulford, we have a dedicated team to assist families, agents, and professional fiduciaries in preparing Medicaid applications and securing the maximum benefits available.