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 Krause Donovan 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.
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.
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 Krause Donovan 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.