Services
Medicaid Eligibility Planning for Nursing Home Care
The cost of nursing home care can wipe out savings. Medicaid regulations allow planning that often can protect significant amounts of assets, particularly when the spouse is still living. An elder law specialist has the knowledge of the Medicaid program's complex state and federal rules that are required for successful asset and income protection planning.
The cost of nursing home care, usually $5,000 to $8,000 or more per month, can wipe out savings. A significant majority of nursing home residents in Tennessee and Mississippi need financial assistance from Medicaid to help pay for their care at some point in their lives. Medicaid regulations often permit families to protect significant amounts of assets, particularly when the spouse is still living. There are also important rules protecting family income for the well spouse. Unfortunately, most families do not take full advantage of those rules, with the result that spouses are often unnecessarily impoverished by nursing home expenses. An elder law specialist has the knowledge of the Medicaid program's complex state and federal rules that are required for successful asset and income protection planning.
[see article Medicaid Law Overview]
Qualified Income Trusts
Tennessee and Mississippi exclude individuals with gross income above $1,911.00 per month from Medicaid eligibility unless they have a “Qualified Income Trust,” also called a “Miller Trust,” in place and funded with the applicant’s monthly income. We can prepare your Qualified Income Trust and guide you in its proper use.
[see article Qualified Income Trusts]
Important Changes to Medicaid Law in Effect Since February 8, 2006
The Deficit Reduction Act of 2005 was enacted on February 8, 2006, radically changing the way gifts from individuals or their spouses affect the later eligibility of either spouse. Even if you thought you understood the rules, you could make serious mistakes affecting Medicaid eligibility for years to come unless you learn about these changes from a competent elder law attorney.
[see article DRA Provisions]
Differences between Medicare and Medicaid
Most people are confused about the differences in coverage for nursing home expenses paid by Medicare and Medicaid. Though Medicare insurance may pay nursing home costs for a limited time, it does not provide protection for long term nursing care. Only Medicaid and long term care insurance provides coverage for extended stays in nursing homes.
