Medicaid planning is one of the most important aspects of long-term care planning. With many nursing homes in Mississippi costing over $8,000 per month, Medicaid planning can help you and your family prepare for the future. You’ve worked hard throughout your life to save money and care for you and your family. You do not want to see all of your hard-earned income spent paying for expensive nursing home care at the end of your life. Engaging in Medicaid planning can help you protect your assets and pass them on to your family and loved ones.
At Palmer & Slay, PLLC, our experienced estate planning lawyers have helped many Mississippi residents plan to qualify for Medicaid while protecting their assets. The sooner you begin the process of Medicaid planning, the better. However, in some cases, our clients are in what we call Medicaid emergencies. Whatever your circumstances, we are here to help. Contact our Mississippi law firm today as soon as possible to schedule your initial consultation.
Mississippi Nursing Homes Are Incredibly Expensive
With the median annual cost for nursing home care costing $75,000, in some parts of Mississippi, nursing home care can cost over $85,000. Most individuals who move into nursing home care end up staying in the nursing home for an average of three years. However, some residents live in nursing homes for over 10 years.
The majority of Americans do not have enough assets to cover a 10-year stay in a nursing home, which could cost well over $850,000. Paying for expensive nursing home care can rob you of the opportunity to pass on your assets and property to your spouse, children, family, or friends. While some individuals may have private health care benefits, most of us will need another option for paying for nursing home care. One of the best ways to cover your nursing home care cost is to qualify for Medicaid benefits.
How to Pay for Nursing Home Care in Mississippi
Medicaid pays the largest bulk of nursing home stays in the United States. Qualifying for Medicaid is essential for most Americans who do not have the resources to pay for nursing home care. When you take the time to engage in long-term care planning, you can protect your assets from becoming depleted by a stay in a nursing home.
Qualifying for Medicaid Long-Term Care Benefits in Mississippi
At Palmer & Slay, PLLC, our lawyers have an in-depth knowledge of Mississippi’s Medicaid rules. We will evaluate your situation and help you determine whether or not you qualify for Medicaid. We can also create an Asset Protection Trust to protect your assets while allowing you to become eligible for Medicaid benefits. Currently, an individual can only have $4,000 worth of resources in his or her name and still qualify for Medicaid long-term care benefits. Additionally, any income earned over $2,359 will disqualify an individual from becoming eligible for Medicaid. These numbers are current in 2020 but are adjusted periodically.
Medicaid does have certain exceptions to those rules. For example, if one spouse lives in the nursing home and the other spouse continues living at home, the at-home spouse can keep $128,640 in assets. The spouse living at home may also be entitled to keep some or all of the nursing home spouse’s income, depending on a variety of factors. The rules related to qualifying for Medicaid are incredibly complex. Our skilled lawyers can review your situation and help you understand what you need to do to qualify for benefits.
Emergency Medicaid and Nursing Home Planning
Sometimes, a loved one needs nursing home care but has not engaged in nursing home planning. Medicaid emergencies typically happen when an individual needs to be admitted to a nursing home or is about to be transferred from the hospital into a nursing home and does not qualify for long-term care benefits through Medicaid. In these situations, families are often frantic, wondering how they will pay for their loved one’s nursing home care. Nursing home administrators often tell families that they will need to use their life savings to pay for care.
If you are in an emergency Medicaid and nursing home planning situation, we can help. Many of our clients come to us after being told by social workers or nursing home intake staff that they will not qualify for Medicaid. Nonetheless, we have helped many clients save a large part of their life savings through proper planning and asset protection strategies while still qualifying for Medicaid benefits. It is never too late to create a Medicaid and nursing home plan and our skilled lawyers are prepared to help you protect as much of your assets as possible.
You Can Often Keep Your Home
Many of our clients are understandably concerned that they will lose their home if they attempt to qualify for Medicaid benefits. For married couples, when one spouse still lives at home while the other is in a nursing facility, the value of your home will be exempt when Medicaid calculates your allowable assets. If you are unmarried, your house will also be exempt as long as you intend to return home. With careful planning, you can also avoid estate recovery in which Medicaid takes the money they spent on your nursing home from the equity in your home after you pass away.
Contact our Medicaid Planning Lawyers Today
Whether you are of retirement age, hoping to plan for your future, or you need to qualify for Medicaid long-term care benefits now, we can help. Medicaid planning is one of the most important aspects of estate planning. Take the time to speak to a lawyer regarding Medicaid planning so you can ensure that you can protect your assets while qualifying for nursing home care through Mississippi’s Medicaid program. Contact Palmer & Slay, PLLC today to schedule your initial consultation.