According to the Kaiser Family Foundation you have a 40% chance of eventually residing in a nursing home if you are fortunate enough to reach the age of 65. Aside from nursing homes elders sometimes live in assisted living communities, so there is indeed a very real chance that each one of us will need living assistance eventually.
When you are budgeting for the future it is very important to understand the fact that Medicare will not pay for a long-term stay in a nursing home or assisted living facility. If you can become eligible Medicaid will pay for long-term care and this is why Medicaid planning is important for many people.
Careful advance planning is necessary because you have to remain within upper financial resource limits to qualify for the program. You can “spend down,” giving way resources to family members who would otherwise be inheriting them in advance of applying for the program.
However, there is a five-year look back period. You will be deemed ineligible if Medicaid finds that you have divested yourself of financial assets within five years of seeking eligibility.
It is possible to retain ownership of your home, your vehicle and a significant store of personal possessions while still becoming eligible for Medicaid. The key is to plan ahead intelligently with the benefit of expert guidance.
If you are interested in learning more about Medicaid planning simply take a moment to arrange for a consultation with a licensed and experienced Chattanooga elder law attorney who has a comprehensive understanding of Medicaid rules and regulations.