Medicaid Proactive & Crisis Planning

Medicaid Planning

Thanks to advances in medicine and healthcare technology, Arkansans are living longer than ever before. Many of these same advances, however, have pushed the costs of medical care to all-time highs as well. Living longer, especially with the health concerns of dementia, Parkinson’s, and strokes, also means that more people will require long-term, custodial care in a nursing home or assisted living facility.

At McClelland Law Firm, P.A., our experienced elder law staff help aging individuals and their families analyze their circumstances and organize their assets in such a way so as to qualify and remain eligible for Medicaid benefits.

What Is Medicaid?

Medicaid is a complex benefits program created by the federal government and administered by each state for its residents. There are several different elements of Medicaid, and most of them offer health care coverage to individuals who meet income and personal asset guidelines. Medicaid Long-Term Care is the program that is usually of interest to seniors, as it is intended to help those who require ongoing medical care, including care in a nursing home.

Nursing home care in Arkansas costs thousands of dollars per month. Such costs can quickly use up any assets or savings a person may have, leaving virtually nothing for the patient’s family. With careful planning, it is possible for a person to qualify for Medicaid benefits for long-term care expenses while preserving assets for future generations.

Medicaid Proactive Planning

Preserving and protecting your wealth for your children and grandchildren is of the utmost importance to our clients, regardless of how modest that wealth may be. It can take a lifetime to accumulate, but without proper planning, that wealth can be exhausted quickly with the cost of long-term care expenses. Protecting your family’s wealth can be done effectively with careful and thoughtful planning and by accessing other sources of payment, such as long-term care insurance, Veteran’s Benefits or Medicaid. If you are planning in advance for the possible need for long-term care, you may consider long-term care insurance, irrevocable trusts, or income-only trusts, a type of an irrevocable trust. Outright gifting of assets may also be an option.

Another important component of asset protection is developing a Life Care Plan. Life Care Planning is a way to respond to the challenges that develop as you go through the later stages of your life, such as long-term illness or disability. In order to financially plan for your future, it is important to imagine what that future may look like and then evolve with those changes as they occur.

Our attorneys and staff understand how crucial it is to safeguard your assets and will provide their knowledge and experience to formulate a comprehensive and tailored plan that meets your needs.

Medicaid Crisis Planning

Medicare alone is not enough to pay for a nursing home on a long-term basis. Many people often confuse Medicare and Medicaid. A person can become qualified for Medicare regardless of their income. However, Medicare will only pay for the first 100 days of nursing home care and in many cases, Medicare will only cover the first 30 days of nursing home care. Therefore, Medicare is only a temporary solution to a long-term problem.

Crisis Planning for Medicaid is very time sensitive. Our goal is to assist you as quickly as possible. Each month your loved one is not qualified for Medicaid it can cost your family thousands of dollars. You can start the process right away by completing our initial Medicaid Crisis Planning Questionnaire Online. Click “here” for link. Our goal is to schedule your initial appointment within 24-hours of contacting our office.

Our attorney and staff will assist you in the following areas:

  • Advise families on how to pay for long-term care, and if appropriate, guide families in the steps necessary to qualify for Medicaid
  • Advise families on the options to protect assets that otherwise may be exhausted on long-term care expenses, including the complex rules on giving away assets
  • Advise families on an individualized long-term care plan for a spouse or parent that looks at all care models and how to pay for care, including Medicaid benefits, Aid and Attendance benefits from the Veterans Administration, long-term care insurance, and withdrawals from retirement accounts
  • Assist with the Medicaid application process
  • Advise families on how to protect property from a Medicaid lien if a spouse or parent is receiving Medicaid benefits
  • Include special needs trust provisions in Wills for married couples to protect assets
  • Prepare powers of attorney and health care directives to properly plan for incapacity and death
  • Advise clients on strategies for applying for Social Security benefits
  • Review continuing care retirement community agreements and caregiver contracts
  • Advise trustees and attorneys-in-fact designated in a power of attorney on how to preserve eligibility for a beneficiary’s Medicaid benefits

To find out more about how to avoid Medicaid Crisis Planning or begin the Medicaid Crisis Planning process, please complete our online questionnaire or call our office today (501) 834-2070.

Sherwood

  • 135 Shadow Oaks Drive
  • Sherwood, Arkansas 72120

Searcy

  • 202 N. Locust Street
  • Searcy, Arkansas 72143