Colorado Elder Law: Eligibility for Medicaid Benefits
Why Plan for Medicaid?
The costs of long-term medical care can be overwhelming to a family’s financial solvency, especially if that care takes place in a nursing home. More often than not, the cost of extended hospital stays and long-term care facility costs will exceed the entire income and savings of retired individuals and couples.
When you no longer have the ability to pay for long-term care, Medicaid typically kicks in and takes care of those costs. Unfortunately, many people are forced to impoverish themselves to become eligible for Medicaid benefits. This is the so-called “Medicaid spend down,” and it could force both you and your healthy spouse into poverty in order to have your care paid for.
Effective, Ethical Medicaid Planning
When considering a long-term care strategy, most people’s primary concern is that they pay their fair share. Many people have heard of schemes to avoid paying for nursing home expenses by transferring assets to their children or hiding them from the government. As a result, many people are reluctant to consider Medicaid planning at all.
In fact, planning ahead for the possibility that you may need to seek Medicaid benefits is the responsible thing to do.
Medicaid, unlike Medicare, it is a state administered system subject to Colorado law. The attorneys at Glatstein & O’Brien LLP keep abreast of the constantly changing qualification requirements and rules for Medicaid in Colorado. We can help you understand the law and your options, such as setting up an irrevocable trust. If your eligibility is denied, we can also represent you in an appeal for their reinstatement.
Under the Deficit Reduction Act of 2005, the use of irrevocable trusts and gifting merely to hide wealth became both ineffective and illegal. If Medicaid planning is not done correctly, “look back” penalties — based on the government “looking back” to discover recent asset transfers — can be imposed.
Our carefully researched methods ensure that you are only using responsible, legal techniques to protect your solvency while remaining eligible for Medicaid benefits, should you need one.
Your Medicaid planning options become more limited over time, so you should take action today. Contact Glatstein & O’Brien LLP for a initial consultation with a lawyer.
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You do not have to impoverish yourself or your spouse to qualify for Medicaid, and it is perfectly legal and ethical for you to refuse to do so. However, preventing the “Medicaid spend down” requires you to take action well in advance. Contact Glatstein & O’Brien LLP today for a initial consultation.
If you have limited mobility, we are happy to meet at any Denver metro area location convenient to you.