Navigating Medicaid: How a Medicaid Planning Attorney Can Protect Your Family’s Future

There may come a day when you need assisted care. It is not comfortable to think about, but it is one of the most important aspects of preparing your estate. Long-term care in the United States is almost unfathomably expensive. Furthermore, Medicare provides only limited coverage for nursing homes and other long-term care facilities. Medicaid, a strictly means-tested program, is the primary source of public assistance. For this reason, proactive Medicaid planning is essential. Here, you will find an overview of how our Arkansas Medicaid planning attorney can help to protect your family’s future. 

The Challenge: Long-Term Care is Extremely Expensive and Not Covered By Medicare

Nursing homes are extremely expensive. According to data from Senior Living, the average monthly cost of a private room in a nursing home in Arkansas is now more than $7,900. Even a relatively short period of need for assisted care can quickly deplete a person’s life savings. There is a common misconception that you can rely on Medicare. Unfortunately, that is not the case. 

Medicaid is the public program that provides support for these costs. Why does that distinction matter? Medicaid is means-tested. Eligibility is based on financial need. Without proper planning, you may be required to “spend down” your savings before you can get Medicaid coverage for long-term care. The good news is that there are strategies available that you can use to protect your assets. An experienced Arkansas long-term care planning attorney can help. 

Note: If you have questions about the Medicaid spend-down rules, our Arkansas long-term care attorneys can help. 

Four Ways that an Arkansas Medicaid Planning Attorney Can Help

• An Arkansas Lawyer Can Help You Protect Assets While Qualifying for Medicaid 

Too many families are surprised to learn that Medicare provides little nursing home coverage and that Medicaid has strict financial eligibility requirements. You do not want to find out how the system works until it is too late to take action. An Arkansas Medicaid planning attorney can help structure your finances so your loved one qualifies for benefits without having to spend down everything. Legal tools such as irrevocable Medicaid asset protection trusts, spousal refusal strategies, and allowable spend-down techniques may be used. Miller Trusts may be a viable option for many families in Arkansas who plan ahead for care needs. The goal is to preserve as much of the family’s wealth as possible while meeting Medicaid eligibility rules set forth under Arkansas law.

• An Arkansas Medicaid Attorney Can Develop a Legally Sound Spend-Down Plan

In some cases, you and your family may be required to spend down assets. If your loved one has too many assets to qualify for Medicaid, our Arkansas long-term care attorney can create a compliant and effective spend-down plan. Among other things, this may include converting countable assets into exempt ones, prepaying for funeral arrangements, or making permissible home improvements. These strategies must be carefully timed and documented to avoid triggering a penalty period. There may be options for spending money in a sensible manner and for useful purposes to protect it from nursing home costs. The right spend-down strategy can help you protect your assets from Medicaid. Our Arkansas Medicaid planning lawyer can help you navigate these complex issues.  

• A Lawyer Can Assist With the Complex Medicaid Application Process

The Medicaid application process for nursing homes or other long-term care is notoriously complex. Indeed, applying for long-term care Medicaid in Arkansas involves much more than just filling out a form. You do not have to figure out everything alone. A top-tier Medicaid planning lawyer can help compile and present the required documentation (including five years of financial records) to comply with the state’s lookback period. Errors or omissions can lead to penalties, delays, or outright denial. An attorney ensures the application is thorough, accurate, and strategically positioned for approval by the Arkansas Department of Human Services (DHS). 

• An Arkansas Medicaid Lawyer Can Preserve the Financial Security of the Well Spouse

Are you married? If so, there are a number of different unique legal and logistical considerations for dealing with a situation in which one spouse needs to move into a nursing home or otherwise needs long-term care. When one spouse enters a nursing home, the other (the community spouse) is still entitled to financial protection. Notably, Arkansas follows the federal Spousal Impoverishment Protection rules. The state allows the community spouse to retain certain assets and income. Our Arkansas Medicaid attorney can maximize these protections, using legal strategies such as spousal resource allowances and monthly maintenance needs allowances (MMNA). The goal is to ensure the healthy spouse can maintain the best possible standard of living while preserving the Medicaid eligibility for the medically vulnerable spouse. 

Why Trust Our Arkansas Long-Term Care Planning Lawyers

Long-term care planning is complicated. It is normal to have a ton of questions about how Medicaid works, including about the steps that you need to take to protect your assets and preserve your wealth. At McClelland Law Firm, P.A., we are an elder law and estate planning firm that has helped many families protect six figures of wealth from nursing homes. In some cases, a medically vulnerable person in Arkansas could end up needing multiple years of nursing home care. That is extremely expensive. Proper financial preparation is a must. We encourage you to learn more about why to choose us and to reach out to us directly with any specific questions. An initial consultation with our Arkansas Medicaid planning lawyer is completely confidential. 

Contact Our Arkansas Medicaid Planning Attorney Today

At McClelland Law Firm, P.A., our Arkansas long-term care planning lawyers have the skills, knowledge, and experience to handle the full range of Medicaid planning issues. We will protect your family. If you have any questions or concerns about Medicaid planning, please do not hesitate to contact us today for a fully confidential, no-obligation consultation. With offices in Sherwood, Little Rock, Benton, and Searcy, we provide Medicaid planning services throughout Arkansas.