Helping Eastern Washington Residents Plan for the Future
As you look ahead, it’s important to take the necessary steps to ensure that your future—and that of your loved ones—remains as bright as possible. At Legacy Law Group, we are committed to helping our clients understand their options for long-term care. We’re prepared to help you explore and implement several asset preservation strategies, particularly those that allow you to obtain Medicaid benefits.
Whatever your long term care planning goals may be, we’re here to ensure that you are financially prepared for the future, no matter what may happen.
Medicaid Planning Strategies for Long Term Care
As you explore your options for long term care in Eastern Washington, you may wonder whether federal or state health insurance programs such as Medicaid can help to cover these costs. Medicaid is intended to serve low-income individuals, and the eligibility requirements tend to be fairly strict. Whether you are interested in receiving community-based in-home care or you are planning for residential nursing home care, you’ll need to meet the Medicaid eligibility requirements for long term care in order to obtain these benefits. Our dedicated legal team can provide you with effective strategies aimed at helping you secure the Medicaid benefits you need to plan for your future.
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.
Contact Legacy Law Group Today
We provide a wide array of customized Medicaid asset prevention strategies, such as helping to protect your financial assets while you receive the long term care you need, ensuring that you secure the Medicaid benefits you are seeking, assisting you with creating any estate planning documents you may need, and more.
Reach out to Legacy Law Group today to receive the compassionate and personalized legal guidance you deserve.