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Medicaid Planning Lawyers in Chester County, PA, Helping Clients Protect Their Assets

As individuals grow older, many realize they may require long-term care in a nursing home or assisted living facility. However, this type of healthcare is typically costly, not covered by insurance, and can quickly wipe out an individual’s savings.

For this reason, many older adults rely on Medicaid assistance to help pay for their ongoing care. However, stringent eligibility requirements must be met before an individual can receive Medicaid benefits.

Many people mistakenly believe that to receive Medicaid benefits, all they must do is transfer assets to another family member. However, this is not necessarily the case, and after you die, the Medicaid Estate Recovery program could try to recoup the money they have paid out for your care and seize some of your assets. In addition, the Medicaid Estate Recovery Program has the legal authority to override wills and other legal documents to recover financial resources.

If you would like more information about how you can protect your hard-earned assets and still receive the Medicaid benefits you need, contact Peak Legal Group of Chester Co, PA, and ask to schedule a free initial consultation to discuss your case.

What is Medicaid Planning?

Many of today’s seniors realize they may need nursing home services as they get older and begin to experience more severe health issues. However, as stated previously, Medicaid is a needs-based program, and you must meet eligibility requirements to qualify for medical assistance.

One of the first steps you must take to protect your hard-earned assets and receive the assistance you need is to consult with a knowledgeable Medicaid attorney. Unfortunately, many individuals mistakenly believe they must spend down all of their assets to qualify. However, other legal methods can be utilized to meet the requirements.

The experienced Medicaid planning attorneys of Peak Legal Group can provide legal advice on how you can restructure your assets to qualify for nursing home Medicaid or other social services.

How Can I Protect My Assets and Still Meet Medicaid Eligibility Requirements?

To qualify for Nursing Home Medicaid benefits, recipients may only have a monthly income of $2,742 per month and $3,200 for married couples. Additionally, recipients may only have a maximum of $2,000 in cash or non-exempt assets. Counted income includes bank accounts, social security, and pension benefits, along with income from any property the applicant may own.
However, with the assistance of a qualified attorney, there are legal steps you can take to protect your assets without having to go through a spend-down period.

Some examples include:

  • Create a Medicaid asset protection trust or pooled trust.
  • Create an irrevocable trust.
  • Transfer the title to your home to a spouse, children, or grandchildren.
  • Pre-pay funeral expenses
  • Give assets as gifts to family members.

One of the most significant benefits of an irrevocable or Medicaid asset protection trust is that the assets are no longer considered to be under your control and, therefore, cannot be counted as assets.

What is Home Care Medicaid?

Medicaid also covers various home care services depending on the senior citizen’s needs. In addition, financial resources are available for individuals who do not wish to receive nursing home care but instead choose to live in the community.

If you are a Medicaid recipient, you may qualify for in-home care, including personal care, cleaning, and medication management. In addition, Pennsylvania offers many Medicaid Waiver Programs that can help to offset costs. However, to qualify, you must meet the nursing home level of care.

A Medicaid planning attorney can assist you with understanding how these programs work and if a community Medicaid program may suit your situation.

Why Should I Hire Peak Legal Group to Help Me With My Legal Needs?

The first step in obtaining benefits is completing the Medicaid application. However, if you do not list every asset correctly, you could face criminal prosecution for providing false information. This is why it is vital that you hire an experienced Medicaid planning lawyer who can review your application to ensure it is filled out correctly.

Our dedicated legal team has comprehensive experience in assisting seniors in obtaining the Medicaid benefits they need. We understand that it can be challenging to think about growing older and how you will be financially able to care for yourself. We will evaluate your situation and create a comprehensive plan that accounts for your present and future needs.

Contact Peak Legal Group of Chester Co, PA, at 610-989-7064 and ask to schedule a free no-obligation consultation to discuss your needs and learn how we can assist you.