You’ve worked hard your whole life to put money aside to enhance your retirement years. However, now that you are looking into long-term care for yourself or your spouse, you realize that your hard-earned savings will be the first thing to go. With the help of an experienced Elder Law attorney, you may be able to protect your assets and qualify for Medicaid to pay for the nursing home care you need.
Our Medicaid Planning Attorneys Will Help You Qualify for Vital Benefits
When applying for Medicaid to pay for a nursing home, there are income and asset limits you must meet in order to qualify. If you are married and just your spouse needs a nursing home, there are spousal impoverishment rules in place to protect you from going broke paying for your incapacitated spouse’s care.
The income and asset limits and the amount you as the independent spouse (also known as the community spouse) are allowed to live on change from year to year. Ross & Shoalmire, P.L.L.C. publishes a handy Medicaid Desk Reference every year to keep our clients informed of the current Medicaid limits and allowances.
Our reference gives figures for both Texas and Arkansas for the following:
- Gifting penalty divisor
- Monthly income gap
- Individual resource allowance
- Monthly personal needs allowance
- Minimum community spouse resource allowance
- Maximum community spouse resource allowance
- Minimum monthly maintenance needs allowance
- Maximum monthly maintenance needs allowance
- Resource allowance for a couple
These categories might not mean anything to you now, but when you work with our Elder Law attorneys, we will make sure you understand how they apply to your unique situation.
Request This Free Resource Today
It’s never too early to plan for the possibility that you or your spouse will one day need a nursing home. Request a free download of our handy Medicaid Desk Reference, and then give us a call to learn how we may be able to help you protect your hard-earned savings from the high cost of a nursing home.