Long Term Care Planning & Asset Protection
The cost of nursing home care in the Hudson Valley can run as steep as fifteen thousand dollars a month, and the cost of around-the-clock care in the home can cost approximately eight thousand dollars. We help elder individuals, often in consultation with their adult children, preserve resources by qualifying for Medicaid.
Community Based Medicaid
Community Based Medicaid (CBM) is a program in which eligible recipients may receive care services in the home, including home health aides. After a recipient is accepted into the CBM program he or she will be evaluated to determine how many hours of care, if any, she qualifies for.
There is no look back from CBM, meaning that an applicant could transfer assets out of her name on January 31, and apply for coverage the next morning, on February 1. However, it is critical to be strategic in how assets are depleted, or transferred, to avoid a future penalty in the event one applies for Nursing Home Medicaid within five years of the Community Based Medicaid application.
We can help you or your loved ones qualify for Community Based Medicaid in the most efficient manner.
Nursing Home Medicaid
Nursing Home Medicaid (NHM) applications are different from CBM applications for a few reasons. Most notably, because Medicaid conducts a five-year “look back,” meaning they audit five years of an applicant’s financial records in order to determine if there have been any transfers of assets. Any transfer made within five years of an application is considered a gift and may result in Medicaid imposing a penalty period (a period of time in which Medicaid will not pay for the cost of the applicant’s care).
There are several tools we can use to assist clients in protecting their assets despite the existence of a five year look back. Far enough in advance, Medicaid trusts and gradual transfers of wealth are options for many individuals.
When someone does not have the luxury of time we utilize a gift & loan process, with a promissory note, to allow an individual entering a nursing home to gift between approximately 40%-60% of his or her wealth to loved ones.
Elder care is expensive and intricacies of Medicaid can be overwhelming. Contact us today and we can help you preserve your assets and ensure you remain eligible for care.