Medicaid Planning/Care Financing

People expecting Medicaid to finance nursing home care must plan years in advance to avoid spending down family assets to qualify. Even if you can afford to fund your choice of private care facilities, there are important planning considerations.

Hoyle Law, LLC, can help clients navigate through the complex and stringent Medicaid eligibility requirements, and advise on options for financing long-term care. Call 732-988-9595 to discuss your situation.

Medicaid Planning

Medicaid pays expenses of qualified nursing home, assisted living, and adult care facilities, but only when the individual's assets have been depleted to $2,000. In the past, people could sign over their home and other assets to family members and qualify for Medicaid assistance. But Congress has severely tightened the rules, disqualifying any gifts or transfers in a five-year lookback period.

If you are anticipating that you, your spouse, or an elderly parent will need nursing care soon, it may be too late to make large gifts to prevent spending the family inheritance on costs of care. However, Hoyle Law can help protect some assets by using them for:

  • Prepaid funerals, reducing administration expenses for heirs
  • Repairs to a home or purchase of a vehicle, which are protected from Medicaid spend down and would transfer to heirs

If you have the luxury of planning far enough in advance, Hoyle Law can help arrange the gradual transfer of assets through allowable gifting limits and other strategies.

Financing Alternatives

If Medicaid is not an option, nursing home care can be extremely expensive. The firm can advise on long-term care insurance (LTC). These policies are notorious for hidden exclusions, and the high premiums may outweigh the benefits. We can also help explore a reverse mortgage, drawing on equity in your home to fund LTC premiums or pay for home nursing care.

Medicaid laws are extremely complex, and each state interprets them differently. We understand how these laws are applied in New Jersey. We will work to make sure that you are not disqualified by improper gifts, transfers or expenditures. Call Hoyle Law's Allenhurst office at 732-988-9595 to arrange a consultation with the firm's experienced elder law attorneys.