Greensboro-High Point-Winston Salem, NC, United States - June 24, 2022 —
Married couples with assets in excess of $500,000 can still apply for Medicaid, Dennis Toman of The Elderlaw Firm has disclosed.
For more information please visit https://www.elderlawfirm.com
In an interview this week, Toman, the founder of the Greensboro, NC, firm, said: "The government rules set out for qualification of Medicaid are so complicated, it's not clear how people can strategize to cut through the red tape and protect what's rightfully theirs."
To shield clients’ savings and assets from the impact of paying health-related costs covered under Medicaid, Toman advised of a process for those with over $500,000 in assets and savings.
The first step is to ensure a Medicaid application is error-free. He emphasized: "Applying for Medicaid on behalf of a sick loved one is a stressful process, and mistakes can be made. A wrong response can derail the process, or you might not request benefits your loved one is entitled to.”
Filling out what Toman refers to as a "Medicaid Qualification Blueprint" is the next step in applying for Medicaid. "This blueprint details all your financial assets, such as cash, deposits, income, investments, retirement funds, and life insurance – anything that might be under threat when applying for Medicaid."
The Medicare Qualification Blueprint is then used to draft the Funding Roadmap. This tells authorities how a family's financial assets are put together and how the majority of the money is shielded from fees and services, such as nursing home costs covered under Medicaid, he added.
He added that the government could use your family's money to pay for nursing home care, but Medicaid covers services like nursing home care costs.
"The average cost of nursing homes in 2016 in the US was around $225 a day, or more than $82,000 a year. It's far more than that today," he revealed. “So my advice is to seek guidance from an experienced Elder Law professional before committing anything."
Source: http://RecommendedExperts.biz
Contact Info:
Name: Dennis Toman
Email: Send Email
Organization: The Elderlaw Firm
Address: 403 W Fisher Ave, Greensboro, NC 27401
Phone: 336-378-1122
Website: https://www.elderlawfirm.com
Release ID: 89077091
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