In this Elder Law Minute, Wes Coulson, Illinois and Missouri Elder Law attorney, debunks the common myth that it is too late to engage in any Medicaid eligibility planning once somebody is already in a nursing home.
Is it Too Late for Medicaid Eligibility Planning Once Someone is Already in a Nursing Home?
Hi, I’m Wes Coulson and this is your Elder Law Minute. This is another in our series of videos on Medicaid eligibility and planning to establish eligibility. Today, I want to debunk a common myth and that is the idea that it is too late to engage in any planning once somebody is already in a nursing home.
First of all, let me tell you that on a daily basis we are helping people to establish eligibility when they’ve already moved into a nursing home. And we do that, in many cases even, under circumstances in which the need for nursing home care was unexpected or they just couldn’t face it and they haven’t done any planning before the loved one has entered into the nursing home.
Why can we still do planning? Well, because we still have several tools available that will enable us to get a good result. One of the keys to it is something that we call gift and annuity planning and the basic concept of that is that you can sort of take the sting out of the penalties, the delay in eligibility that you get for transferring assets, by just making sure that if you’re facing an initial delay in eligibility that the person in the nursing home is going to have enough income coming in each month in order to be able to pay their way during that initial delay in eligibility.
Let me tell you that the way the rules work on that, without getting technical. Unless this is really an extreme case, and then only in Missouri, I can pretty much guarantee you that we can protect more than half of somebody’s life savings even if they’re already a nursing home resident. So, if you’re hearing this and you’re hearing it on behalf of a loved one that’s already in a nursing home, please don’t think it’s too late. Please give us a call because I know we can help. Thanks.
For more information Medicaid eligibility, visit these articles:
- Medicaid Asset Allowance Increase in Missouri, But Not in Illinois
- Should I Let A Nursing Home Representative Complete My Medicaid Application?
- Does Medicaid Pay for Long-Term Care Other than in a Nursing Home?
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Coulson Elder Law is dedicated to providing families in the St. Louis area with their Elder Law needs. Our practice areas include Asset Preservation Planning, Veterans Benefits, Medicaid Eligibility, Alzheimer’s Planning, Special Needs Planning, Estate Planning and more. We understand the financial challenges you may face as you and your loved ones grow older. At Coulson Elder Law, our clients’ well-being is our number one priority. For immediate help, call (618) 632-7000 or (314) 567-9292, or Contact Us and we will get in touch as soon as possible.