Navigating Medicaid and Long-Term Care: Expert Insights from Nash Law Firm Attorney, Ben Williamson on THV 'The Vine'
At Nash Law Firm, we understand the financial burden and complex considerations associated with long-term care and Medicaid coverage. In a recent interview on THV's "The Vine" segment, our attorney Ben Williamson provided valuable insights and guidance on Medicaid coverage for long-term care. In this blog post, we'll delve into the key points addressed by Ben, shedding light on the qualification process, asset protection, and emergency planning.
During the interview, Ben Williamson shared his expertise on Medicaid coverage for long-term care and how to adequately prepare for it.
Here are the key talking points discussed:
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Medicaid Coverage for Long-Term Care: Long-term care and assisted living expenses can be exorbitant, often exceeding $6,000 per month. However, Ben highlighted that Medicaid offers programs that cover these costs for eligible individuals. Medicaid becomes an option for those who require long-term care services and meet the financial eligibility criteria.
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Qualifying for Medicaid: Determining eligibility for Medicaid involves two primary factors. First, there must be a demonstrated need for long-term care services, including assistance with daily tasks and medication management. Second, there is a financial qualification, which entails limited ownership of assets. Certain assets, such as the primary residence and a personal vehicle, may be exempt from this calculation. To ensure accurate evaluation and qualification, consulting an elder law attorney is highly recommended.
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Preserving Assets with Medicaid Pre-Planning: Ben emphasized that with the assistance of an elder law attorney, it is possible to protect hard-earned assets. Through Medicaid pre-planning, assets can be preserved using a Medicaid compliant asset protection trust. This planning strategy is most effective when implemented at least five years before Medicaid qualification is required. By engaging in pre-planning discussions with our team, families can take proactive steps to safeguard their assets.
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Emergency Planning and Spend Down: In situations where immediate qualification for Medicaid is necessary and there is insufficient time for pre-planning, emergency planning becomes crucial. Often referred to as a "spend down," this strategy involves meeting Medicaid's requirements while preserving as many assets as possible. Nash Law Firm is equipped to provide guidance on navigating this process effectively, ensuring a timely qualification for Medicaid.
At Nash Law Firm, we recognize the significance of comprehensive long-term care planning and the potential impact on your family's financial well-being. Through the expertise of attorneys like Ben Williamson, we strive to assist families in understanding Medicaid coverage, asset protection, and emergency planning. Whether you are considering long-term care in the future or require immediate assistance, our team is here to provide the guidance and support you need. Don't hesitate to reach out to us for a consultation to ensure you are prepared for the challenges and opportunities that lie ahead.
See the entire interview by clicking here.








