Strategic Long-Term Care Planning

Helping You Navigate Medicaid Eligibility Requirements

Seniors who are 65 or older may be eligible to receive Medicaid insurance benefits to assist with long term care costs. However, to qualify for Medicaid coverage, an individual in Washington State must not exceed a monthly income of $2,349 ($4,698 for married couples who are both applying). Income may come from several sources, including wages, alimony, and pension payments, SSDI, SSI, IRA withdrawals, and more. For those who may have a monthly income that exceeds this limit, it’s possible to still qualify for benefits, as long as you “spend down” your excess income every month towards your medical care. After you’ve exhausted this excess income, Medicaid will step in to cover the remaining costs of care for that period. As you can see, Medicaid requirements can be complex and difficult to navigate—that’s where we come in. Legacy Law Group is here to assess your needs and provide you with a concrete strategy for preserving your assets and obtaining the financial support you deserve.

Understanding Asset Limits for Medicaid Recipients

Like most states, Washington imposes a limit of $2,000 in individual assets ($3,000 for couples). Countable assets include your cash savings, checking account balance, stocks, bonds, investments, and non-residential real estate property. However, several assets may be considered non-countable (exempt) assets, such as your car, household furnishings, personal belongings, irrevocable burial trusts, and—in some instances—your primary residence. When we meet with you, we’ll take an inventory of your assets and recommend strategies for preserving your assets without sacrificing the quality of care you receive.

Our Medicaid Asset Preservation Strategies

If you meet the Washington Medicaid long-term care income eligibility requirement, but your assets exceed the $2,000 limit, there are some options you may wish to consider. First, if you transfer assets to a spouse, a child under the age of 21, or a disabled child, you may do so without penalty. Depending on your circumstances and needs, you may be able to create a trust or explore another option for reallocating these assets so that you can meet the asset threshold for Medicaid. You may also convert excess assets into non-countable assets by making renovations to your home (i.e., making your home wheelchair accessible), prepaying your funeral and burial expenses, or paying off your debt. Our long term care planning attorneys are fully prepared to provide you with a customized Medicaid asset presentation strategy that addresses your unique circumstances and goals.

What About Long-Term Care Insurance?

While Medicaid is a government-run health insurance program for low-income Washington residents, private providers offer long-term care insurance. Since you pay for long-term care insurance yourself, there are no income or asset limits. While long-term care insurance tends to offer more flexibility to recipients, Medicaid may cover longer stays in nursing homes, should you need it. Our legal team is committed to helping you explore the benefits and limitations of each option before you make this important decision.

Get Started Today

When it comes to planning for your long term care, being informed allows you to make decisions confidently. When putting a long term care plan in place, you are shaping the course of your remaining years and thinking about what type of legacy you will be leaving behind. Remember, you do not have to make these weighty decisions on your own; working with a trusted long term care planning attorney is a great way to ensure that you receive the support and protections you need to move forward.