Protecting Your Family & Legacy

Medicaid Attorneys in Madison

Protecting Family Assets from the High Costs of Assisted Living & Nursing Homes

Life is full of change. Often, these changes are sudden, leaving individuals and families with little time to make big decisions. Perhaps the particular situation you are in necessitates a move to a nursing home or assisted living community. Accessing the quality care that you need, as well as the means to pay for that care, on such short notice can be tremendously challenging. Our Madison Medicaid lawyers at Estate Law Partners, LLC are here to assist you. We can help you explore your options for care and explain how you can qualify for Medicaid to help pay for them.

Call (608) 292-5185 today to discuss your future with our elder law attorneys.

Counting the Cost of Long-Term Care

The cost for long-term care is expensive, and it just continues to increase year after year.

According to the Genworth Cost of Care Study for 2019, the median annual cost of a private nursing home room in Madison is $112,056. As medical care continues to improve, people are also living longer. This means more years of care at ever-increasing high rates.

Many people end up spending their entire life savings on obtaining just a few years of this type of care. To prevent financial devastation, you will likely need a form of financial assistance. This is where Medicaid comes in. While you may be able to acquire some help from Medicare, it is quite limited in terms of long-term care coverage. Medicaid, on the other hand, is much more extensive. You will need to meet certain requirements to qualify, but without it, you might never be able to afford a nursing home.

Who Is Eligible for Medicaid in Wisconsin?

Medicaid is a program specifically designed for those that have low income and limited resources. To qualify for Medicaid in Wisconsin, you must be a resident of the state and be at least 65 years of age, or an individual who is legally blind or has a disability. In addition, your income and assets must be at or below the program limit.

The asset limits for Medicaid eligibility include:

  • Single: $2,000
  • Married (both spouses applying): $4,000
  • Married (one spouse applying): $2,349

The annual household income (before taxes) limits are factored according to household size:

  • One person: $16,971
  • Two people: $22,930
  • Three people: $28,888
  • Four people: $34,846
  • Five people: $40,805
  • Six people: $46,763
  • Seven people: $52,722
  • Eight people: $58,680

If your household exceeds eight people, you can add $5,958 to determine the appropriate amount. Those who have a household income greater than these amounts will typically not be eligible for Medicaid. However, there are some exceptions, including those who have high medical bills. In this case, the individual would pay a deductible. The amount of the deductible is determined based on one’s “excess income.” Once the deductible is paid, Medicaid will be in place for the entire deductible period, which is six months.

Medicaid Planning

Many of those who would like to apply for Medicaid are either over the income limit, over the asset limit, or both. The trouble is that they still cannot afford the cost of their care. If this describes your situation, you may be able to benefit from Medicaid planning. A professional Medicaid planner can help you employ a variety of strategies to help you become eligible for Medicaid.

Contact Our Madison Medicaid Attorneys

The elder law attorneys at Estate Law Partners, LLC are here to help you navigate the complexities of applying for Medicaid. Trust our professionals to provide reliable advice to you throughout the application process.

Whether you are planning ahead or need help during times of difficulty, our Madison Medicaid lawyers are here to assist you. Call (608) 292-5185 or contact us online for a free consultation. 

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  • What is Probate?
    A: Probate is the court and process that looks after people who cannot make their own personal, health care and financial decisions. These people fall into three general categories: Minor Children (under age 18 in most states); Incapacitated Adults; and People who have died without legal arrangements to avoid probate. Probate proceedings can be expensive and time-consuming. Additionally, the court proceeding and associated documents are all a matter of public record. Many people choose to avoid probate in order to save money, spare their heirs a legal hassle, and keep their personal affairs private.
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    A: (in some states “Tenancy by the Entirety” when between spouses) This is the most common form of asset ownership between spouses. Joint tenancy (or TBE) has the advantage of avoiding probate at the death of the first spouse. However, the surviving spouse should not add the names of other relatives to their assets. Doing so may subject their assets to loss through the debts, bankruptcies, divorces and/or lawsuits of any additional joint tenants. Joint tenancy planning also may result in unnecessary death taxes on the estate of a married couple.
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    A: The document a person signs to provide for the orderly disposition of assets after death. Wills do not avoid probate. Wills have no legal authority until the willmaker dies and the original will is delivered to the Probate Court. Still, everyone with minor children needs a will. It is the only way to appoint the new “parent” of an orphaned child. Special testamentary trust provisions in a will can provide for the management and distribution of assets for your heirs. Additionally, assets can be arranged and coordinated with provisions of the testamentary trusts to avoid death taxes.