Last Updated: May 9, 2025
If you’re worried about how to pay for long-term care, you’re not alone. At Palmer & Slay, PLLC, we hear this concern from families across Brandon and the surrounding communities all the time. Many people have witnessed a loved one struggle with the rising cost of care, and some have experienced the heartbreak of watching a family home or savings account disappear in the process.
It doesn’t have to be this way. Instead of losing sleep or guessing your way through the system, we can help you put a plan in place that protects your assets and prepares you or a loved one to qualify for Medicaid when the time comes.
Here are six key things to know about Medicaid planning:
1. Medicaid Pays for Long-Term Care—But You Have to Qualify
Medicaid is a joint federal and state program that helps low-income individuals afford medical and long-term care. In Mississippi, as in many other states, Medicaid helps pay for a significant portion of long-term nursing home care—often covering nearly half or more of all stays. But it’s designed to be a last resort. That means you must meet strict financial and medical eligibility requirements.
To qualify for full Medicaid coverage in Mississippi, most individuals must have no more than $4,000 in countable assets. Not all property counts toward this limit—personal belongings, one vehicle, and your primary residence (if certain conditions are met) may be excluded. Still, it’s easy to run afoul of the rules without a plan in place.
2. You Can’t Just Give Everything Away
You might think the simplest solution is to give your assets to your kids or spend them down quickly. But that strategy can backfire.
Medicaid has a five-year look-back period, which means the state will review your financial history for the past 60 months. If they find that you gifted assets or sold property for less than fair market value, you could be disqualified from receiving benefits for a period of time—potentially when you need them most.
We work with clients to legally and carefully structure their finances so they’re not penalized for taking the wrong steps.
3. Early Planning Gives You More Options
Waiting until you or your spouse enters a nursing home can limit your options. By starting early, you can use legal tools—like irrevocable trusts and strategic transfers—to protect your assets while still preserving eligibility for Medicaid later.
The earlier we start planning with you, the more strategies we can use to preserve what matters most—whether that’s your home, savings, or the ability to provide for your spouse or children.
4. Medicaid Doesn’t Pay for Everything
Even if you qualify for Medicaid, there are gaps in coverage. Medicaid may cover the basics of nursing home care, but it typically won’t pay for:
- Dental work
- Vision care
- Clothing and toiletries
- A cell phone or TV
- Personal entertainment
- Supplemental therapies
We help families set aside funds legally so they can still afford life’s extras without disqualifying themselves from coverage.
5. Without a Plan, Your Estate Could Be at Risk
After someone who receives Medicaid passes away, the state may try to recover the cost of their care from their estate. This process is called the Medicaid Estate Recovery Program (MERP). Families are often shocked to learn that a home or other property could be subject to a state claim.
We help Mississippi families create plans that limit MERP exposure—often by transferring assets into trusts or using other estate planning techniques designed to keep the family home intact.
6. A Good Plan Costs Far Less Than a Month in a Nursing Home
The average cost of a nursing home in Mississippi can easily exceed $7,000 per month. In comparison, the cost of creating a Medicaid plan is typically a fraction of that.
Investing in proper planning now can save tens of thousands of dollars in the future. It also gives you and your family peace of mind, knowing that care will be available when it’s needed—without sacrificing everything you’ve worked hard to build.
Build a Plan That Works for You
You don’t have to figure out Medicaid planning on your own. We help individuals and families in Brandon and throughout Mississippi protect what matters most while preparing for the future. Whether you’re planning for yourself or helping a loved one, we’ll walk you through your options and build a plan that fits your goals. Reach out to Palmer & Slay, PLLC, today to schedule a consultation. We can help you preserve your wealth and protect the people you love.