What is Elder Law and how can it help you?
Elder Law concentrates solely on the needs of the elderly as they make the transition to their retirement and life after retirement. The purpose of Elder Law Planning is to prepare the elderly for financial freedom and autonomy through proper financial planning and long-term care options. In doing this, those unexpected pit falls are not so difficult to face. Understanding that you are financially covered, and knowing you are prepared, is one less worry especially during a medical emergency.
Some things to know
Medicaid is deemed one of the most complicated and intricate laws of the United States, further confusing matters, each state has their own select version of Medicaid. We have studied the Medicaid statutes and regulations and are able to assist clients.
For instance, here is a quick glance of what Medicaid will pay for:
Assisted Living Facilities
Medicaid DOES pay for Assisted living facility care with the following programs: • Assistive Care Services • Assisted Living for the Elderly • Medicaid Waiver
Medicaid DOES pay for (LTC) Long Term Care in nursing homes with the following program: Medicaid Institutional Care Program (ICP). Unlike Medicare, Medicaid can pay for custodial care for an unlimited time period.
Home Health Agencies
Medicaid DOES pay for LTC for home care from: • (HHA) Home Health Agencies/Nurse Registries • Skilled Health Care-given by RNs and LPNs • Personal Care-given by HHA • Homemaker/Companion Agencies
Income Limit: $2,742.00
Asset Limit: $2,000.00
Income Limit: None
Asset Limit: $148,620.00
State Income Limits
Monthly Income Cap: $2,742.00
Personal Needs Allowance: $130.00
Home Equity Limit: $688,000.00
Life Insurance Face Value: $2,500,00
Burial Savings Account Limit: $2,500.00
*Figures as of January 1, 2023
Income and asset amounts over the above limits do not immediately disqualify an individual from obtaining Medicaid. Please contact our office to schedule a consultation to discuss your options.