As life expectancies grow, unfortunately so do the costs of long term care and you may be wondering how to pay for these services. Many people cannot afford the overly expensive costs of a Missouri or Illinois nursing home, and without proper guidance, even those who can afford it will most likely pay far too much and may even see their life savings disappear.
Fortunately, Illinois and Missouri Medicaid Programs are here to help. Medicaid has become the largest source of funding for medical and health-related services for people with limited income in the United States. Medicaid eligibility requires that you meet qualifications on the amount of income and assets that you have, and rules are very complicated. But with proper legal advice and planning, even someone who is already in a nursing home can protect a substantial portion of his or her life savings – despite the “look-back” rule.
Without proper guidance, the result is many families pay far more for Medicaid than they need.