Fort Collins Medicaid Planning Attorney
The Medicaid rules can definitely be confusing. It’s a need-based program, so you only qualify if you are below a certain income level and you are within certain resource limits. Many people believe they won’t qualify, or that in order to qualify, they have to “spend-down” and essentially deplete all of their assets in order to receive Medicaid. While there are limits, a qualified Fort Collins Medicaid planning attorney can help you come up with ways to legally qualify for Medicaid without depleting all your assets.
It can get even more confusing if you’re the one who requires long-term care and needs Medicaid to help pay for it, but your spouse doesn’t (or via versa). Fortunately, there are some federal protections put in place to help you and your spouse in this situation. At Brady, McFarland & Lord, LLC, we have been assisting people with Medicaid planning for decades. Let us help you. Contact us today at (303) 420-2863 or contact us online to set up a free initial interview.
Why You Need a Fort Collins Medicaid Planning Attorney
The Medicaid eligibility rules are confusing, and sometimes the exceptions to the rules are even more confusing than the rules themselves. If you don’t know exactly what you’re doing, you could spend your entire life savings on nursing home care when you didn’t need to. Additionally, you could end up doing something that breaks the rules without even knowing it, which could make you or your spouse ineligible for Medicaid, or subject to financial penalties.
What Happens if Your Spouse Needs Long-Term Care but You Don’t?
The average cost of assisted living care in Colorado is anywhere between $3,000 and $10,000 per month. Many people think they have enough money saved to pay for any health issues that arise, but that money can disappear quickly when you’re paying out almost $10,000 per month in medical bills. Additionally, if only one spouse needs long-term care and wants to sign up for Medicaid, you might worry that all of your hard-earned money will be spent on long-term care. This puts many people in a very difficult position. Fortunately, there are some protections in place to help with this exact scenario, referred to as spousal impoverishment protections.
What Are Spousal Impoverishment Protections?
Spousal impoverishment protections were implemented as a way to help the community spouse (the one still living in the community and not in a nursing home or other facility) to avoid becoming impoverished as a result of their partner requiring expensive nursing home care (the institutionalized spouse). Without this protection, all of your jointly owned assets would be taken into account when a determination was being made regarding your spouse’s eligibility for Medicaid. This would force you and your spouse to use all of your assets to pay for nursing home care, leaving nothing for you, the community spouse, to live on. Fortunately, because of the implementation of the spousal impoverishment protections, you as the community spouse are allowed to retain a Community Spouse Resource Allowance (CSRA). In Colorado, the CSRA is capped at $130,380 of your joint assets.
Keep in mind that the CSRA applies specifically to a situation where your spouse is applying for Institutional Medicaid, not just regular Medicaid.
Contact Our Fort Collins Medicaid Planning Lawyers
We have been helping people with their Medicaid planning for decades. Our goal is to protect your assets to the greatest extent possible. At Brady, McFarland & Lord, LLC, we genuinely care about all of our clients and their families. Our estate planning lawyers in Fort Collins want what’s best for you. Please don’t hesitate to reach out to us if you need help with Medicaid planning. Contact us today at (303) 420-2863 or contact us online to set up a free initial interview.