Medicaid: What do I need to know?

Medicaid can help cover long-term care costs for you or a loved one - if you qualify. The first step is learning how it works, so you can make the best choices for your family.

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Important things to know:

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• It’s never too late to plan. Even if your loved one is already in a nursing home, Medicaid planning can still help.
   

• You might be able to keep your home. If you’re married, single, or widowed, your house may be protected under certain rules.
   

• Be careful with gifts. Giving away money or property can cause problems. Since 2006, doing this can actually hurt your chances of qualifying for Medicaid.
   

• There are legal protections. Some laws, called "safe harbors." allow you to protect certain assets. These rules may let you transfer property to children or siblings under specific conditions, or place assets into special types of trusts.
   

• Timing matters. Don't apply for Medicaid without a plan. You could be denied or miss out on ways to protect your assets.​
   

• Get expert advice. Medicaid rules are complicated. It's important to work with a lawyer who specializes in this area and knows the laws inside and out.
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Our best advice? Start now. You never know what the future holds. Planning ahead now can make life easier down the road for you and your family. A little preparation can go a long way.

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Get in touch with us today to schedule a free one-hour consultation and find out how we can help your family's future. Email info@quinnestatelaw.com or call 636-394-7242.