FAQs About Medicaid Eligibility
When it comes to determining eligibility for Medicaid, having knowledgeable counsel is important. Medicaid terms can be confusing for those without experience dealing with the system. That is why we help individuals and their families plan and successfully apply for Medicaid eligibility. Here are questions that many of our clients ask when they first meet with our firm.
Will My Parents Lose Everything They Have Worked For?
If your parents make proactive plans designed to help protect their assets, they will not have to lose everything they worked for over decades of earning and saving. At our firm, we help elders retain as much of their lifetime of savings as possible.
What Is The Lookback Period For Medicaid Eligibility?
The period of time that Medicaid “looks back” at your finances is five years from the date of Medicaid application. If you want to protect assets from Medicaid, it is crucial to consult with an attorney with estate planning experience as it relates to Medicaid eligibility and shielding much of your resources from collection by the federal government.
What Is The “Half A Loaf” Theory?
If a married couple has not preplanned the protection of assets from Medicaid, there will be impacts to their net worth if one or both persons need Medicaid to pay ongoing medical expenses. Under Medicaid rules, if one of the spouses needs extensive medical care and has to enter a nursing home, it will be possible for the other spouse to preserve up to half of the couple’s assets under the “half a loaf” or “doctrine of halves” provision.
We Are Here To Help
McMahon Law Firm, Attorneys and Counselors at Law, has extensive experience in estate planning and Medicaid law. If you have questions about the Medicaid process and don’t know where to start, give us a call at 800-391-9987 or contact us online. We will be glad to provide you with clarity and advocacy regarding all matters concerning Medicaid qualification and application.