Medicaid Asset Preservation in Maryland
Will you or someone you love need long term care? According to the U.S. Department of Health and Human Services 70 percent of people turning age 65 can expect to use some form of long-term care during their lives. So, based on this statistic, for a married couple turning 65, the chance that at least one partner will need long term care at some point is 91 percent—are you prepared to pay for long term care? If you or someone you love needs long term care in a Maryland nursing home or elsewhere, you will likely come to realize how expensive such care can be—which is why there is Medicaid.
Medicaid is an important factor to consider if someone you love needs long term care—but it can be a tricky things to navigate by yourself. When you need help with Medicaid asset preservation, contact the elder law attorneys at Hammond and Associates.
What Is Medicaid?
Medicaid is an important, and often misunderstood, option that can dramatically reduce the cost of paying for long term care needs. Many people believe that Medicaid long term care benefits are only available to people who are impoverished. But that isn’t so. Medicaid has specific provisions that, under the right circumstances, allow for the preservation of assets. At Hammond and Associates, we can help you navigate the complexities associated with Medicaid long term care benefits. In doing so, we will seek to preserve and protect family’s assets to the maximum extent permitted by law.
Long Term Care is Expensive
Unfortunately the cost of long term care can be prohibitive for most people. According to a Genworth 2013 Cost of Care Survey, the median cost of nursing home care in a private room in Bethesda is $108,770 annually. At this rate, paying for long term care out of pocket can cause substantial financial hardship for many individuals and families.
Under these circumstances, it is important to consider available options if a need for long term care for you or a loved one should arise. Long term care insurance is one option. But that is an option that generally requires purchasing and paying for a policy in advance of the need. Even if a person or family has long term care insurance, often policy benefits do not pay for the full cost of long term care.
Contact Hammond and Associates to find out your long term care options in Maryland!
Medicaid is an important and often misunderstood option that can dramatically reduce the cost of paying for long term care needs. Many people believe that Medicaid long term care benefits are only available to people who are impoverished, having completely exhausted their assets. But this is not an accurate understanding of how Medicaid works. Medicaid has specific provisions that, under the right circumstances, allow for the preservation of assets.
Applying for Medicaid in Maryland
Individuals can apply for Medicaid through a local office run by the Maryland government. This government office is responsible for processing Medicaid applications, and they’re also responsible for answering any questions about their particular program.
Although processing an application can take time, states are required to render a decision on a standard Medicaid application within 45 days. If the application is based on a disability, the state has a right to process that application in 90 days. One of the most common reasons for the denial of Medicaid benefits has to do with incomplete applications. Make sure all the required documentation accompanies the form, and the required sections of the form are completed.
Need assistance completing your Medicaid application? Let the experts at Hammond and Associates complete the application correctly the first time around.
Generally Limited Benefits from Medicare and Health Insurance
Medicare and some health insurance plans can provide financial help in paying for long term care. Both Medicare and many health insurance policies will, under certain circumstance, pay for limited skilled nursing home care required immediately after a hospital stay.
The U.S. Department of Health and Human Services describes Medicare’s long term care benefit: “Medicare only pays for long-term care if you require skilled services or rehabilitative care and Medicare does not pay for non-skilled assistance with Activities of Daily Living (ADL), which make up the majority of long-term care services.”
Medicare and most health insurance policies are not designed to pay for long term care that is required on a continuing basis. It terms of thinking about the future, expecting Medicare to pay for the cost of ongoing long term care would not be realistic.
Let Hammond and Associates Help You Navigate the Complex Medicaid Requirements
But like so many areas of the law, the Medicaid eligibility requirements are complex. Navigating the application and approval process can be difficult. At the same time, understanding the requirements and implementing a careful planning strategy can be extremely worthwhile. In such matters, the services of a knowledgeable Elder Law attorney would be a valuable resource.
Hammond and Associates can provide guidance and assistance in navigating the Medicaid process. We would like to have the opportunity to discuss working with you in order to obtain Medicaid long term care benefits for you or a loved one. As we engage in this process, we will seek to preserve and protect the family’s assets to the maximum extent permitted by law. Our attorneys have assisted Medicaid clients throughout Montgomery County, Frederick County, Howard County, Prince George’s County, and the surrounding areas.
Our principal office is located in Bethesda, but for the convenience of our clients, we can arrange for conference rooms for client meetings in additional locations. If you live outside of the Bethesda area and would like to meet with Hammond and Associates, we can set up a meeting in the following locations: Rockville, Gaithersburg, Germantown, Fulton, Bowie, Columbia, Frederick, National Harbor, Annapolis, Pikesville, Owings Mills, Towson, and Hunt Valley.
Contact us online or call us at 301-861-4555 and we can discuss how our elder law attorneys can provide assistance with Medicaid. We want to help you protect your loved ones in Maryland!