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Park Ridge, IL 60068
Long Term Care Planning (Medicaid)
“A goal without a plan is just a wish.” — Antoine de Saint-Exupéry
Now is the best time to discuss asset protection and Medicaid planning for you, a parent or a relative in need of long-term care. Waiting until last minute will leave you open to penalties and crisis planning. During senior years, a different type of planning (Medicaid planning) is needed to ensure eligibility for various government benefits.
Medicaid is a joint federal and state health insurance program for low-income and disabled individuals, including among other things — long-term care assistance for individuals needing skilled care in a nursing home.
To be eligible for Medicaid benefits, the applicant must be an Illinois resident with medical needs, a US citizen or a non-citizen within specific categories, must be at least 65 years old, and have limited assets per individual and per couple. The community spouse resource allowance is $129,084.00 as of January 1, 2024.
The goal in Medicaid planning is preserving one’s qualification for Medicaid while at the same time protecting one’s assets, if and when possible, which makes Medicaid planning different.
What does Medicaid planning do?
- Converts non-exempt resources into exempt resources;
- Divests the principal of assets without restriction as to the value of the divestment;
- Preserves some resources for the benefit of the principal who requires long-term care