Medicaid Planning
Michigan Medicaid Planning
Effective Michigan medicaid planning is a critical component of the long term care of a loved one. The average nursing home charges just over $6,000 per month. Over the course of a year, that is $72,000! This means that a person can work hard and save money his or her whole life, just to have it eaten up in a few short months by a stay in a nursing home.
But, a person may be able to save some of those hard-earned assets, and pass them on to his or her children with the help of Michigan Medicaid planning.
The right attorney can be very helpful in qualifying for Medicaid
Michigan Medicaid is a benefit program that is jointly administered by the State of Michigan and the Federal government. Medicaid will pay almost all nursing home expenses for a person who qualifies. But, in order to qualify, a person cannot have more than $2,000 in non-exempt assets. Furthermore, while one may be tempted to think that he or she may be able to qualify for Michigan Medicaid by simply giving his or her assets to a close relative like a child, there is a penalty for giving away money in order to qualify.
An attorney who is familiar with the Michigan Medicaid eligibility rules and Michigan Medicaid application can help a client become eligible for Medicaid, and save hard-earned assets at the same time. For instance, an attorney who is familiar with Medicaid eligibility rules knows that a person’s home is considered an exempt asset. Moreover, that attorney will also know that a person will not be penalized for paying off a mortgage on his or her home, nor will a person be penalized for buying household items such as furniture. In other words, one way to protect assets and to make it easier to qualify for Medicaid benefits at the same time is to improve the value of a person’s home.
Medicaid planning is tricky, complicated, and highly specialized. Thus, very few lawyers specialize in Medicaid planning. Likewise, a person in need of Medicaid planning should not approach just any lawyer, but should consult someone who is familiar with the rules of Medicaid planning.
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