Medicaid Planning In Michigan
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Life Savings From Nursing Home Costs While Getting Them The Benefits They Need To Pay For Care
The Benefits of Medicaid Planning
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As we get older, our physical and mental capabilities change. As a result, the type of care we need changes as well, which may require Medicaid Planning. Deciding to move a parent or loved one to a skilled nursing facility can be one of the most difficult decisions a family has to make, both emotionally and financially. But if a family member can no longer take care of themselves due to a progressive disease like Alzheimer’s, or a sudden a stroke that makes them incapable of caring for themselves, a move to a long-term care facility may be inevitable.
Long-Term Care In Michigan Is Expensive
According to the US Department of Health and Human Services, 7 out of 10 people turning 65 today will need some form of long-term care services. Unfortunately, the cost of long-term care, including nursing home care, is extremely high.
In Michigan, the average yearly cost of long-term care is approximately $108,000. This is about $8,000-$9,000 per month. As you can see, paying for long-term care out of pocket can drain your financial resources rather quickly.
- What if dad needs to go into a nursing home, but mom doesn’t – will mom have the money she needs to survive and pay the bills while simultaneously paying an average of $8,000-$9,000 per month for dad’s long-term care?
- Will you need to sell the family home and other assets just to cover the costs?
- When mom and dad pass away, will there be anything left to leave behind for the kids to inherit after paying the costs out of pocket?
These are real concerns for many people with aging parents and family members.
Fortunately, there is a proven solution that may help you avoid losing everything just to pay for long-term care…
Medicaid Planning With A Professional Can Help
Medicaid is a joint federal and state benefit program that pays for long-term care for seniors.
In fact, it’s the largest source of payment for long-term care in the United States and is a benefit you should be taking advantage of.
To qualify for Medicaid in Michigan, your income and assets need to be under about $2,000 in countable assets. This includes cash, savings, investments, or other financial resources that can be turned into cash. Assets that aren’t counted include your home, personal possessions, household goods, one vehicle, prepaid funeral plans, and some life insurance.
If you don’t currently qualify based on these criteria, don’t worry…
Proper Medicaid Planning with the help of a Medicaid Planning Attorney can help you legally structure your assets to qualify for Medicaid so that the government benefit pays for long-term care instead of you paying it out of your own pocket.
Why You Should Do Medicaid Planning For Long-Term Care?
Most people engage in Medicaid Planning to protect their assets while ensuring they are eligible for Medicaid. This helps relieve the financial burden and can preserve the family’s wealth by making sure that there are assets left to pass on to the future generations instead of losing it all to pay for nursing home costs.
However, one must be eligible to apply. With state and federal governments frequently changing eligibility rules and regulations, the application process is usually complicated for non-professionals. Even the smallest error on an application can result in a denial, or can delay the applicant from receiving benefits for weeks, months, or even years. This means you will have to pay for long-term care out of pocket. A Medicaid Planning Attorney can make sure your assets are properly structured to qualify for benefits and that the application process is done right the first time.
The Benefits Of Medicaid Planning
- The average cost of long-term care in MI is $108,000/year – Get Medicaid benefits to pay for long-term care so you don’t have to lose everything to pay for a nursing home.
- Ensure that Medicaid or the nursing home won’t take your family’s house just to pay for your care.
- Preserve your assets for your family to inherit.
- Make sure the healthy spouse who lives at home will have the finances needed to continue living at home.
- Time is critical and eligibility for Medicaid is extremely complicated. Even the smallest mistake can lead to a denial or long delays, which means you will have to pay for care out of pocket. This can be devastating to the health and financial well-being of the applicant and caregivers.
- The application and review process is time-consuming. Working with a Medicaid Attorney can prevent errors, speed up the process, and save applicants time and stress.
Why Should You Do Medicaid Planning Ahead Of Time?
The likelihood of requiring long-term care increases as we age. While you might not have any health concerns now, often times the need for long-term care comes unexpectedly due to injury or illness. In most cases, you may end up losing your independence, good health, and possibly your assets without a plan in place.
Planning ahead of time generally gives you and the Medicaid Planning Attorney more options to protect your assets and formulate a long-term care plan that will give you the care you need and ensure that your wealth is preserved for your heirs.
What Is Emergency Medicaid Crisis Planning?
Medicaid Crisis Planning is necessary when your loved one is already in a nursing home and has run out of private funds to pay for care.
Or, they have experienced an injury or illness, like a stroke, that will require the need for long-term care in the immediate future, but they do not have the money to pay for the expensive costs of a skilled nursing facility.
In these cases, the individual has an immediate need to develop and implement a Medicaid eligibility plan.
Typically, in these situations, your loved one may not be eligible for Medicaid without the help of a Medicaid Planning Attorney who can legally structure their income and assets in a way that makes them eligible for Medicaid.
While it’s best to create a Medicaid Plan as early as possible, it’s important to understand that a Medicaid Planning Attorney can help you qualify quickly in a time of crisis.
If you are currently experiencing an Emergency Medicaid Crisis, give us a call now at (248) 613-0007 to book a consultation with an experienced Medicaid Planning Attorney.
When you call, tell the receptionist that you need help with Medicaid Crisis Planning so that we can get you the earliest appointment available.
Why Use A Medicaid Planning Attorney?
A rule of thumb with Medicaid is that you should not apply until you have a plan in place to qualify. Applying too early can mean a longer wait for Medicaid qualification than necessary, while applying too late can mean having to pay for months of care you may not have had to pay. Additionally, an inaccurate application or not having your assets structured properly can result in a Medicaid denial. A Medicaid Planning Attorney can help you in the following ways:
Apply And Qualify For Benefits Fast, Or Appeal If You've Been Denied
- Time is critical so you don’t lose money. Also, eligibility for Medicaid is extremely complicated. Even the smallest mistake can lead to a denial that can take months or years to fix. A Medicaid Attorney is a trained professional who can make sure the application process is followed correctly in accordance with the law so you get approved for benefits quickly.
- Working with a Medicaid Planning Attorney speeds up the application and review process and reduces stress because you know a professional is leading the way.
- If you applied for benefits before and were denied, all is not lost. A Medicaid Lawyer can help you with a Medicaid appeal so you can get the benefits you need to pay for your loved ones care.
Qualify For Benefits By Legally Structuring Your Income And Assets According To Medicaid's Rules
- You may not be eligible for Medicaid without the help of a Medicaid Planning Attorney who can legally structure your income and assets in a way that makes you eligible for Medicaid benefits.
Get Benefits Quickly During A Financial Medicaid Crisis
- An Emergency Medicaid Crisis occurs if your family member is in a nursing home, or will need to be soon, but doesn’t have the financial resources to pay for care. A Medicaid Attorney can help you structure your assets and quickly apply for benefits so you can get the care you need – ASAP.
Protect Your Family House From Being Taken By Medicaid
- A Medicaid Planning Attorney can help you ensure that Medicaid or the nursing home won’t take your family’s house just to pay for your care. This helps preserve your assets so your family can inherit them.
Make Sure The Healthy Spouse Has Money To Survive
- Situations where only one spouse is applying for long-term care can be VERY complicated to plan for. A Medicaid Planning Attorney can help maximize the amount of assets the non-Medicaid applicant spouse is able to hold on to and the monthly income that can be transferred from the applicant spouse to the non-applicant spouse so they can survive and pay the bills.
Preserve Wealth And Plan For Incapacity
- A Medicaid Planning Attorney can help you create Estate Planning documents to protect your assets and preserve your wealth so that you can pass your legacy on to your children.
- A Medicaid Planning Attorney helps you plan for incapacity with documents like Financial Power of Attorney, Medical Power of Attorney, and Living Will so that designated family members can manage the finances and care of their loved one receiving long-term care.
Protect Your Home And Life Savings From Nursing Home Costs While Getting The Benefits
You Need To Pay For Care
Book A Free Consultation With A Medicaid Attorney Today
Determine Your Medicaid Eligibility Risk Free
Get Help Qualifying For Medicaid Long Term Care Benefits
Call Us Now (248) 613-0007
Because every Medicaid Planning situation is different, we offer a free initial consultation with a Medicaid Planning Attorney to help you determine if Medicaid Planning is right for you.
The initial consultation gives you the opportunity to help you understand your current Medicaid eligibility. It also gives us a better understanding of how we can help you plan to protect your home and life savings from nursing home costs while getting you the benefits you need to pay for care.
To book your free consultation, call us now at (248) 613-0007 and tell our friendly receptionist that you would like to book a consultation for Medicaid Planning. She will book you for the time that works best for your schedule.
We look forward to hearing from you!