Now Is The Time To Establish Your Long-Term Care Plans
For most individuals, the object of Medicaid/medical assistance planning is to protect the home and their savings from being used to pay for nursing home care and qualify for nursing home Medicaid benefits as soon as possible. Because Medicare and private insurance pay very little of this expense, most people end up paying out of their own pockets for long-term care until they become eligible for Medicaid.
Recent changes to Illinois’ Medicaid laws have required different approaches. All applicants are subject to a five-year “look-back” period. This can significantly impact asset transfers and other methods of asset protection traditionally used in the past. Even previously determined care plans may need to be reconsidered, something I can assist you with.
These changes to the Medicaid program mean that proactive planning is now more crucial than ever. When you need knowledgeable assistance on Medicaid planning and other long-term care concerns, contact me, Peoria Medicaid planning attorney William C. Wombacher.
For more than 30 years, I have helped clients throughout central Illinois transfer, protect and preserve assets for their families. I am also a certified elder law attorney (CELA) through the National Elder Law Foundation — the only CELA practicing in downstate Illinois.
I have kept up to date with the changes made to Medicare and Medicaid over the years. I apply my knowledge and care planning experience to helping my clients develop strategic long-term care plans that maximize their asset protection.
Helping Protect Your Assets Through Proactive Medicaid Planning
While Medicare is an insurance program, Medicaid is a “resource-tested” entitlement program that has income and asset limits. Medicaid eligibility is state specific. What may work in one state will not work in another. In Illinois, this can create complications for couples or individuals applying for Medicaid assistance. For example:
- Different rules apply to married couples and single individuals.
- Some assets can be exempt while others cannot.
- Some transfers are permitted, but some are not.
- Some transfers are more easily accomplished while others require much more in-depth involvement.
- Federal gift tax exemptions don’t apply to Medicaid situations
Because of this, now is not the time to “do it yourself.” As your lawyer, I can help you and your family coordinate the right Medicaid planning strategy to protect your assets now and in the long term. By reviewing your unique financial situation and customizing your estate and Medicaid planning approach, I can help ensure that you receive the financial assistance you need, when you need it.
You Have Worked Hard For Your Assets. I Can Help You Preserve Them.
The best time to establish an effective long-term care plan is now, before a crisis situation may require it. Contact my Peoria law office to learn more about how I can help you achieve your asset protection goals.