Medicaid Crisis Planning in Florissant, Missouri
Serving Clients in Florissant and the Surrounding Area
Sudden Changes and Big Decisions
Change is a constant in life, and sometimes it comes without warning. If you or a loved one in Florissant, Missouri, face a sudden illness or a serious accident, you’re acutely aware of how quickly life can change. The sudden need for nursing home care can be overwhelming, both emotionally and financially. Our team is here to help you identify the best care options and guide you through the process of qualifying for Medicaid to cover these expenses.
Long-term Care: Counting the Cost
The cost of long-term care is significant and continues to rise, particularly as the population ages. According to the Genworth Cost of Care Study for 2019, the national median annual cost for a private nursing home room is $102,200, with costs expected to increase by 3% annually. With lifespans extending due to advancements in healthcare, the need for long-term care—and the associated costs—can extend for many years, potentially exhausting life savings without financial assistance. Medicaid offers a lifeline for those with limited resources.
Medicaid: A Critical Support System
Medicaid is a crucial federal and state program designed to support individuals with low income and limited resources. Unlike Medicare, which has very limited long-term care coverage, Medicaid provides extensive support. However, qualifying for Medicaid in Missouri can be challenging due to its strict income and asset restrictions, making the prospect of covering nursing home costs without it daunting.
The Medicaid Maze in Missouri
Medicaid eligibility requirements are complex and vary by state. In Missouri, applicants must navigate a labyrinth of rules, including income caps and strict asset limits. For example, the Individual Resource Allowance often stands at a mere $2,000, with certain personal assets being exempt. For married couples, the eligibility process involves reducing assets to meet specific thresholds, a process fraught with pitfalls like the Transfer Penalty Rule, which can lead to disqualification and delays in receiving Medicaid benefits.
Navigating Medicaid in Florissant
In Florissant, Missouri, our legal team specializes in Medicaid crisis planning. We understand the intricacies of Medicaid eligibility and are committed to helping our clients through the application process, ensuring they legally retain the maximum amount of income and assets allowed. Our goal is to provide peace of mind to families during these challenging times by navigating the complexities of Medicaid on their behalf.
Conclusion
Seeking professional legal advice is crucial when applying for Medicaid. Our expertise in Florissant, Missouri, offers you and your family the reassurance needed during difficult and uncertain times. With Medicaid’s legal complexities, professional guidance is indispensable. Allow us to support you in securing the necessary care while preserving your financial resources.
Book An Initial Call With Formula Law
Get your plan in place now before it’s too late! Having a solid plan for your estate is an essential bedrock of protecting you and your family.