Hackensack Medicaid Crisis Planning

Medicaid Crisis Planning in Hackensack, New Jersey

Sudden Changes and Big Decisions

Sudden life changes, such as an unexpected illness or serious accident, can quickly create a need for long-term care. If you or a loved one suddenly requires nursing home care, finding quality care and figuring out how to afford it can be overwhelming. At the Law Offices of Benjamin D. Eckman in Hackensack, New Jersey, we’re here to help you navigate the complexities of Medicaid and long-term care planning, ensuring you receive the best possible care without depleting your life savings.

Long-term Care: Understanding the Cost

Long-term care costs have been rising steadily, especially as the baby boomer generation ages. According to the Genworth Cost of Care Study, the national median annual cost for a private room in a nursing home is now $108,405, with annual increases of over 2%. As medical advances help people live longer, the need for extended care continues to grow. Without proper financial planning, long-term care expenses can quickly drain your savings, leaving you and your family in a difficult position. This is where Medicaid planning becomes essential.

What is Medicaid?

Medicaid is a federal and state program that offers financial assistance to those with low income and limited resources, providing essential health coverage, including long-term care. Unlike Medicare, which offers limited nursing home coverage, Medicaid provides more comprehensive support. However, qualifying for Medicaid can be complicated, with strict eligibility requirements based on income and assets. Proper Medicaid planning is critical to ensure you or your loved ones receive the care you need without unnecessary financial hardship.

The Complexities of Medicaid Eligibility

Each state, including New Jersey, has its own Medicaid eligibility rules, making the process complex and often confusing. To qualify, an applicant’s assets must fall below a certain threshold, known as the Individual Resource Allowance—typically as low as $2,000. For married couples, Medicaid allows the spouse of the applicant to keep a portion of the couple’s assets, known as the Community Spouse Resource Allowance, which is currently set at $148,620*. If the couple’s assets exceed this limit, they must spend down their savings on approved expenses, such as medical costs or home improvements, before the applicant can qualify for Medicaid.

It’s essential to avoid mistakes in the process, such as giving away assets, which can trigger the Transfer Penalty Rule, potentially disqualifying you from Medicaid for months or even years. Navigating these rules on your own can be overwhelming, which is why professional legal guidance is so important.

Protecting Your Assets Through Medicaid Compliant Annuities

For couples facing an immediate need for nursing home care, Medicaid Compliant Annuities can be a powerful tool. These annuities allow the healthy spouse to convert countable assets into income, which is not considered by Medicaid, helping protect more of the couple’s savings. This strategy can be crucial for families looking to preserve their financial resources while still qualifying for Medicaid.

How We Help You Qualify for Medicaid

The Medicaid application process is filled with complex rules and regulations, and mistakes can be costly. Our legal team in Hackensack is here to help you every step of the way, ensuring that you maximize the income and assets you are legally allowed to retain while securing Medicaid benefits. We handle the entire process, from gathering necessary documentation to navigating the application and review process, giving you peace of mind during an already stressful time.

Contact Us for Medicaid Planning in Hackensack

If you or a loved one needs assistance with Medicaid crisis planning in Hackensack, contact the Law Offices of Benjamin D. Eckman today. We’re here to help you protect your assets, qualify for Medicaid, and ensure that your family’s future is secure.

* The Individual Resource Amount varies from state to state.

** Since these amounts (e.g., the “Community Spouse Resource Allowance,” etc.) are adjusted annually, these numbers may vary slightly depending on when the most recent figures are released.