With today's long-term care costs averaging approximately $6,000 to $8,000 per month, it is important that your assets are protected and all of your hard-earned money does not go toward medical expenses. At Care Law Colorado, LLC, we help with your Medicaid planning and asset protection needs in the Denver area.
Medicaid Qualifications
In order to qualify for Medicaid, your monthly income must be limited to $2,022, and you cannot possess more than $2,000 in assets. This asset limit does not include your car or your home. Additional qualifications exist, but because they are specific to each individual.
Because there are so many rules and regulations surrounding Medicaid eligibility, you could easily miss a step in the application process. It is important to contact a lawyer who can help you understand your individual Medicaid eligibility requirements.
Denver Asset Protection Attorney
Some other information that you should know about Medicaid planning and asset protection includes:
- When you die, Medicaid will not generally take your home and it will pass to your spouse. If you are single, the state could use the house to pay off its estate recovery claim.
- If your parents are in a nursing home, the nursing home cannot require you to be personally liable for the charges your parents' incur at the facility.
- In determining eligibility, Medicaid considers all assets except those held in an irrevocable trust that has been in existence five years before applying for Medicaid.
We work hard every day to help you find ways to pay for long-term care without disqualifying you from Medicaid in the future.
Contact Care Law Colorado
Care Law Colorado, LLC, strives to help our clients create comprehensive care plans that make long-term care as accessible and affordable as possible. Our services are available by appointment only, as we frequently accommodate our clients' needs by meeting with them in their homes. Call 720-358-0228 or use our online form to set up a free initial consultation with a Denver Medicaid planning attorney.