Medicaid Problems and Long Term Care Expenses for Wellesley, Boston, Metrowest and throughout Massachusetts
In Massachusetts the cost of a monthly stay in a nursing home ranges from $14,000-$18,000 with an annual cost of $168,000 or more. Medicaid is a benefits program which is primarily funded by the federal government and administered by each state. The specific rules can vary from state to state, but all must follow the standard guideline established at the federal level.
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A primary benefit of Medicaid is that, unlike Medicare (which only pays for skilled nursing), the Medicaid program will pay for long term care in a nursing home once you've qualified. Medicare does not pay for treatment for all diseases or conditions. If you or someone you love is either in a nursing home now, or may be in the future, the care for the facility will either be paid by: 1) the patient's own funds; 2) long term care insurance, or 3) Medicaid (MassHealth), if he or she qualifies.
There are misconceptions that some people have about Medicaid and how to qualify. The main mistake people make is "giving away" their assets. THIS CAN ACTUALLY KEEP YOU FROM QUALIFYING FOR MEDICAID LONG TERM CARE BENEFITS! THe DRA of 2005 increased the "look back period" of transfers from 36 months to 60 months. (A gift to a child is actually a transfer.) The Division of Medicaid has very specific rules about transfers, penalties, and countable income and resources. The Estate Planning and Asset Protection Law Center of Dennis Sullivan and Associates can help you qualify for Medicaid without spending all of your life savings.
Come learn about Medicaid problems and how to prevent and/or remedy them at a free educational Trust, Estate and Asset Protection Workshop.