Public Benefits Planning

Medicaid Eligibility Planning

The cost of nursing home care can wipe out savings. Medicaid regulations allow planning that often can protect significant amounts of assets, particularly when the spouse is still living. An elder law specialist has the knowledge of the Medicaid program’s complex state and federal rules that are required for successful asset and income protection planning.

The cost of nursing home care, usually $8,000 to $10,000 or more per month, can wipe out savings. A significant majority of nursing home residents in Tennessee and Mississippi need financial assistance from Medicaid to help pay for their care at some point in their lives. Medicaid regulations often permit families to protect significant amounts of assets, particularly when the spouse is still living. There are also important rules protecting family income for the well spouse. Unfortunately, most families do not take full advantage of those rules, with the result that spouses are often unnecessarily impoverished by nursing home expenses. An elder law specialist has the knowledge of the Medicaid program’s complex state and federal rules that are required for successful asset and income protection planning.

For an overview of current Medicaid Law, see the Medicaid Law Overview 2024 article.

See also:

• Qualified Income Trusts
• Differences between Medicare and Medicaid

updated January 2024