Crisis Medicaid Planning
Crisis Medicaid Planning refers to the strategic process of reorganizing assets and finances to help individuals qualify for Medicaid benefits when facing an immediate need for long-term care. This planning is often specifically tailored to situations where a spouse suddenly requires nursing home care, and their financial resources are at risk of depletion. In those situations, the spouse in need of nursing home care is called the “institutionalized spouse” and the spouse living at home is called the “community spouse”. The goals of Crisis Medicaid Planning are to qualify for Medicaid benefits to ensure the best possible care for the institutionalized spouse, while preserving assets for the community spouse (or sometimes another loved one, such as a disabled child).
At Ayres Presser Elder Law, our experienced team recognizes the stress and uncertainty facing a community spouse. We employ various strategies to safeguard assets, ensuring that the community spouse is never financially devastated by the institutionalized spouse’s cost of care. One effective tool in Crisis Medicaid Planning is a Medicaid compliant annuity. These annuities meet Medicaid’s strict criteria and can convert countable assets into an income stream for the community spouse. The community spouse can purchase a Medicaid compliant annuity rather than spending the money down on nursing home bills. By purchasing the annuity, the institutionalized spouse can qualify for Medicaid and the community spouse has a guaranteed income stream to pay their expenses and enhance their quality of life. *These annuities have strict requirements. If the annuity does not comply with Medicaid guidelines, it could result in Medicaid ineligibility. You should only work with a qualified elder law attorney when considering a Medicaid compliant annuity.
How Ayres Presser Elder Law Can Help
If your spouse suddenly needs nursing home care, please call our office right away to schedule a Consultation with one of our caring and experienced attorneys. We will review your situation and finances to create a personalized plan for getting your spouse approved for Medicaid benefits as quickly as possible. After executing the Crisis Medicaid Plan, we can also assist you with the Medicaid eligibility process including preparation of the Medicaid application and working with the nursing home and county assistance office to have benefits approved as soon as possible.
