Though Medicaid is a program designed to make healthcare more accessible to families who would not be able to afford it otherwise, applying for the program can be complex. The application involves a lot of work and the review process can take a long time, time that many people cannot afford.
The Medicaid planning attorneys at Bulman Jones & Cook PLLC approach every client and case with the compassion and attention to detail it deserves. Our goal is to help you address your concerns and help you find the best solutions to your Elder law Matter. Call our law office today for a Free Consultation.
As older Americans prepare for retirement, it’s important to take the time to draw up clear plans that will protect your life savings, home, and other assets in the event of declining health or the need for Long-Term Care after an illness or injury. Even if you’re healthy and active today, medical emergencies can arise in an instant. You owe it to yourself to be prepared. The advantages of prudent Financial Planning for Medicaid eligibility can save you significant sums of money.
At Bulman Jones & Cook PLLC, our Missoula Estate Planning and Elder Law attorneys help families develop durable, enforceable fiduciary tools that achieve your goals. We can establish a variety of instruments that protect what you care about most while ensuring that you have the resources and tools to live well in your golden years. From Trusts and Promissory Notes to Annuities and Caregiver Agreements, we carefully analyze your resources and needs, then develop clear, sound, and ethical strategies to meet your goals.
In addition, we handle the complex application process for Medicaid, ensuring that your planned financial picture meets eligibility requirements and that you’re prepared in the event of a crisis. Whether you are already retired, planning to do so, or are looking to the future for parents or grandparents whose health is a concern, our experienced Montana Medicaid Planning attorneys can help you protect yourself, your estate, and your loved ones from all contingencies.
The importance of planning for Medicaid while you are still in good health cannot be overstated. It takes time to assess your financial situation and determine the best ways to reorganize your assets to qualify for Medicaid. Additionally, the eligibility requirements for Medicaid are strict, accessing these benefits requires careful planning.
At Bulman Jones & Cook PLLC we understand the value of your life’s work and can help you create the financial instruments required to have the healthcare options you need while protecting the things that are most important to you. Our legal team will assist you in finding a solution that fits your needs.
Medicaid is a state/federal program that pays most nursing home costs for people who meet three eligibility requirements including aged or disabled need, medical need, and financial need. In determining the financial need of a Medicaid applicant, Montana’s financial criteria is based on both income and asset levels. There are certain assets that are exempt from consideration and can be kept when applying for Medicaid. These include:
Personal residence ($560,000 maximum equity)
Whole life insurance with a cash surrender value of less than $1,500
Prepaid funeral plans
Certain Medicaid compliant annuities & promissory notes
To be eligible for Medicaid in Montana, you must be considered medically needy by the Department of Health and Human Services and reside in a Medicaid qualifying nursing home or an Assisted Living Facility which participates in the Medicaid Waiver Program. You must have an income than the cost of the nursing home’s monthly fee and assets of less than $2,000.
As a married couple living in a nursing home, you are allowed to have $3,000 in assets. If your spouse is already living in a nursing home, your spouse is allowed to have $2,000 in assets and you are allowed to have a maximum of $120,900 in assets.
An experienced Bulman Jones & Cook PLLC Medicaid planning attorney can provide the details and implications of the Medicaid rules. We have decades of experience in protecting your assets, and we can advise you as you plan for your future and your particular situation. Our attorneys can prepare and submit your Medicaid application and represent you before the local Medicaid agency.
You can approach the application process confidently, knowing that you have the best available information, preparation, and support from our team. For advice planning for the possibility of nursing home care in the future or help seeing your way through an immediate Medicaid eligibility crisis, call today for assistance.