Experienced Elder Law Attorney for Your Medicaid Planning Needs
It's no secret that nursing homes and assisted living facilities are expensive and that Medicaid may help you cover some of those costs. If you want to ensure you are eligible for Medicaid, you must be aware of a complicated and constantly changing set of laws.
At Palos Elder Law, Ltd., I help families prepare their finances for future nursing home and assisted living costs by planning for Medicaid eligibility. I am Paul A. Smolinski, a Palos Heights Medicaid planning attorney with 25 years of experience helping families with estate planning and elder law needs in the southwest suburbs of Chicago.
Help Planning for Medicaid
When considering whether a nursing home is affordable, most people expect that the cost of care will at some point exceed the assets available to them and their spouse. Many people look to the federal Medicaid program to help them cover the cost of care. Because Medicaid is a needs-based program, many people need to either spend down or properly gift their assets in order to qualify.
Medicaid eligibility and benefits rules vary by state. In Illinois, Medicaid applicants may currently keep the following assets:
- Prepaid burial plan up to $5,219 per person
- Burial spaces not to exceed $1,500
- Motor vehicle not to exceed $4,500 in value
- Personal property not to exceed $2,000 in value
- $2,000 in cash or equivalent
Medicaid planning involves gifting your assets and correctly planning your estate so that you can apply for Medicaid and receive benefits that help cover the cost of nursing home care. Gifts must generally be made 60 months before applying for benefits, although exceptions may apply. Powers of attorney may be used to handle property if the person is incapacitated and can no longer make decisions.
Knowledgeable Orland Park Medicaid Benefits Attorney
Medicaid planning is a complex and changing area of law. The complicated and shifting rules, combined with the five-year requirement for gifting assets, means that you should not wait to plan for nursing home care. With my experience and focus as an elder law lawyer, I can explain these rules and help you properly plan for Medicaid eligibility. Call 708-377-3860 (toll free 866-207-4904) to schedule an appointment. You may also contact my office online.