A family’s life savings can easily be spent in a matter of months when a family member needs long-term nursing home care. The loss of life savings and assets, including the family home, can be devastating.
There are several different Missouri Medicaid (MO HealthNet) long-term care programs for which Missouri seniors may be eligible. One program is for Institutional/Nursing Home Medicaid (Vendor MO HealthNet), which is an entitlement (meaning anyone who is eligible will receive assistance) and is provided only in nursing homes.
In order to qualify for this program, there are specific asset limitations. Therefore, your assets must be structured in a way so they are not counted against you. There is a five-year look-back period, which means that assets have to be gifted away or placed in a Medicaid Asset Protection Trust more than five years prior to applying for assistance to pay for skilled nursing care.
Eligibility for Medicaid (MO HealthNet) must be established before coverage is approved by the Missouri Department of Social Services. In the absence of careful planning, you could be required to pay for your nursing home care and liquidate your assets before Medicaid (MO HealthNet) will assist.
You don’t have to spend your life savings when facing the possibility of going into a nursing home. With the proper legal help, assets often can be preserved, even if you or your loved one are in a nursing home.
At Law Office of Sativa Boatman-Sloan, LLC & 417 Elder Law, we can provide information on techniques to use when planning in advance for long-term care. We will work with you and help you achieve peace of mind by educating you about options to control your future.