Depending on the precise situation that you find yourself in when you reach an advanced age you may recognize the fact that your ability to provide for your loved ones after you pass away has everything to do with your current expenses.
With this in mind long-term care costs can go a long way toward consuming resources that you have always hoped to leave behind to your family members. In light of the high and rising costs associated with long-term care you may well be faced with assisted living expenses that are well into the six figures, and for many people this is a lot of money.
While Medicare does not pay for long-term care Medicaid will cover these expenses if you can qualify, and doing so can help you to preserve assets.
When you first hear about the upper resource limit of $2000 you may discard Medicaid eligibility as a possibility. But in fact very valuable assets like your car, your home, and your personal possessions are not countable in a Medicaid eligibility context.
You could also “spend down” to reduce your countable assets, and giving gifts to loved ones could be part of the strategy. However, because of the fact that a penalty is imposed if you divest yourself of resources within five years of applying for Medicaid you have to plan ahead intelligently.
Being prepared to address possible long-term care costs is one of the things to consider as you are looking forward toward the future. To develop a cogent plan for aging that could include Medicaid eligibility, take action right now to arrange for a consultation with a licensed, experienced Central New Jersey elder law attorney.
- Actors Receive Bequests From “Friend” - December 21, 2020
- Preparing for Your Consultation with an Estate Planning Lawyer - November 16, 2020
- Alzheimer’s Induced Dementia Quite Common Among Seniors - November 13, 2020