Preparing For The Road Ahead

The cost of nursing home care today is exorbitant — and rates are only going up. For many individuals and families, paying for nursing home care or extended home health care out of pocket is out of the question — or possible for only a few years at most. If your parent or another loved one is likely to need nursing home care in the future, we at The Pilkington Law Firm, PLLC, in Tulsa, Oklahoma, can help you start preparing to qualify for Medicaid now.

Why Planning Ahead Is Important

Because Medicare does not cover extended nursing home stays (greater than 100 days with significant co-pays and deductible), other options must be considered. These include private-pay, long-term care insurance, reverse mortgages, veterans benefits and Medicaid. Today, seven in 10 Oklahomans use Medicaid to pay for this type of long-term care.

To qualify for Medicaid, you must be both financially eligible and medically needy. The total value of your countable assets (some assets are exempt) must fall below a certain threshold — usually $2,000 for an individual (it varies state to state). If your assets exceed the threshold, you can take steps to spend down your assets to meet the qualifications. If you do so within five years of applying, however, the government will review these transactions and can penalize you for presumably spending your assets to qualify for Medicaid.

For this reason, starting to plan as soon as possible will limit your exposure to federal penalties. We can review your assets and determine how best to help you qualify for Medicaid while preserving your assets to the extent possible.

Complicated situations like qualifying for Medicaid call for creative solutions. With a military and technical background, attorney Gilbert J. Pilkington, Jr. knows how to solve even the most complex puzzles. We can find a solution that meets your unique needs.

Considering Your Options

The earlier you start planning for Medicaid, the more options you have for positioning yourself to qualify. If it is likely that you or a loved one is more than five years away from needing Medicaid, numerous options are available. If the need is less than five years away, there are still options available. We will walk you through your options, which may include:

  • Gifting your assets to your children or others you trust
  • Protecting your assets by placing them in an irrevocable trust
  • Exempt transfers to a spouse or disabled child
  • Life estates
  • Annuities
  • Caregiver agreements
  • Paying down debts

Start Planning Now With A Free Consultation

Here, your first 30-minute consultation with a lawyer is free. Send us an email or call us at 866-591-9408 or 877-627-8540.