That’s right. The government isn’t happy with simply taking your hard-earned money each week i.e. taxes. If you give them the chance, they will take your retirement, your home, or any other assets they deem appropriate for recovery.
Here’s how: statistically, you have 70% chance of needing long-term care at some point in your future if you’re over the age of 65. Paying for long-term care can be exorbitant. It can range anywhere from $5,000 to $10,000 a month. If you’re anything like the normal American, you cannot afford that large of a cost for very long. Therefore, you may need to get qualified for Medicaid to cover the cost of care.
Most people don’t walk around already qualified for Medicaid. Therefore, most people fall into two traps set by the system. 1. They assume that since they don’t currently qualify for Medicaid, that they can’t get qualified; and 2. they fail to protect their assets. The result of mistake number 1 is that you are forced to liquidate and spend every hard-earned asset on care before Medicaid will kick in. The result of mistake number 2 is that when Medicaid does kick-in, they can take your hard-earned assets to recover what they’ve paid.
Medicaid does have some strict thresholds for qualification and they also have some strict rules for recovery of assets. Thankfully, people like me sit around all day thinking about ways to get people qualified and prevent them from losing their assets.
Despite your level of assets, or income, with some guidance you may be able to qualify for Medicaid without losing everything in the process. If you have questions about long-term care or asset protection call the experienced attorneys at McIntyre Elder Law today (704) 359-7040.
If you have questions about protecting property, allow the experienced attorneys at McIntyre Elder Law help you today. Call (704) 259-7040.
LEARN MORE AT: mcelderlaw.com.
Brenton S. Begley
Elder Law Attorney
McIntyre Elder Law
“We help seniors maintain their lifestyle and preserve their legacies.”