Medicaid Planning: Will it Work For You?

Concerns about the cost of nursing homes are common questions brought up by many elder law clients in their first meeting with an attorney. It can be very difficult to make the decision to move a loved one or yourself to a long term care facility but you can’t do this without considering the possible financial consequences.

Misunderstandings or mistakes made around this financial process can expose you and your loved ones to unnecessary risks. Nursing home bills can cost anywhere from $8,000 to over $13,000 per month. Many people also end up staying in the nursing home for longer than they expect and for someone with a more progressive disease like dementia, it could be the rest of their life.

There are three primary ways to pay for long term care and the more you know about each of the options, the easier it will be for you to plan. You can pay out of pocket using your own savings, with long term care insurance or with Medicaid. Medicaid pre-planning is a legitimate and legal tactic that you can use with the help of an experienced elder law attorney. In New Hampshire, Medicaid can pay for long term care in a nursing home for as long as necessary once you have qualified but it is the qualification process that is often misunderstood. Pre-planning and crisis planning are two different components of the Medicaid process. 

Crisis planning refers to reaching out to an estate planning lawyer when you or a love one needs to go into a nursing home quickly. Pre-planning, however, looks at years long strategies that you can use to effectively plan in advance for the possibility of needing Medicaid. When done properly, pre-planning can give you confidence and peace of mind.

 

 

Medicaid Planning: Will it Work For You?

Concerns about the cost of nursing homes are common questions brought up by many elder law clients in their first meeting with an attorney. It can be very difficult to make the decision to move a loved one or yourself to a long term care facility but you can’t do this without considering the possible financial consequences.

Misunderstandings or mistakes made around this financial process can expose you and your loved ones to unnecessary risks. Nursing home bills can cost anywhere from $8,000 to over $13,000 per month. Many people also end up staying in the nursing home for longer than they expect and for someone with a more progressive disease like dementia, it could be the rest of their life.

There are three primary ways to pay for long term care and the more you know about each of the options, the easier it will be for you to plan. You can pay out of pocket using your own savings, with long term care insurance or with Medicaid. Medicaid pre-planning is a legitimate and legal tactic that you can use with the help of an experienced elder law attorney. In New Hampshire, Medicaid can pay for long term care in a nursing home for as long as necessary once you have qualified but it is the qualification process that is often misunderstood. Pre-planning and crisis planning are two different components of the Medicaid process. 

Crisis planning refers to reaching out to an estate planning lawyer when you or a love one needs to go into a nursing home quickly. Pre-planning, however, looks at years long strategies that you can use to effectively plan in advance for the possibility of needing Medicaid. When done properly, pre-planning can give you confidence and peace of mind.

 

 

What You Need to Know About Qualifying for Medicaid in New Hampshire

When you or another loved one is looking at the prospect of staying in a nursing home, the cost of the required care can be overwhelming. For an average couple, a stay in a nursing home could decimate the pair’s savings, which is why more couples are doing advanced planning to work with elder lawyers regarding Medicaid qualification in NH.

Qualification for Medicaid is a popular question among those who are in need of advanced nursing home care. Financial requirements for Medicaid are specified at the state level.

The primary purpose of this program is to enable those who do not otherwise have financial resources to get support for their health care. Many people are mistakenly under the impression that Medicare will cover the expenses of their nursing home stay or other long term care needs.

Qualifying for Medicaid is not guaranteed and careful thought must be put into your advanced Medicaid qualification plan. You must meet the resource requirements as well as the income requirements to be eligible for Medicaid in New Hampshire. The program considers household income, the counting of household resources where applicable, and potential income. In addition to these financial requirements there are medical requirements that can be supported by proof of your medical condition.

Medical records are most frequently used to determine whether or not you need the long term care you are intending to have paid by Medicaid. If you need more specifics on qualifying for Medicaid in New Hampshire, schedule a consultation with an estate planning lawyer today. Get answers to your most important questions and start roadmapping your plan for long term care.