Medicaid is a government funded program that pays for Long Term Care. Medicare pays only for the first 21 days of Long Term Care, and then a co-pay applies for the next 80 days. After 100 days, Medicare does not pay for Long Term Care. Long Term Care helps individuals who suffer from a chronic illness or disability and who are unable to care for themselves over long periods of time, with medical and non-medical needs. Medicaid pays for medical costs as well as most costs associated with a Nursing Home or Rehabilitation Center, Assisted Living Facility, Adult Day Care Center, and Home Health Aid.
There are certain financial criteria individuals have to meet in order to qualify for Medicaid. However, there are several Medicaid-planning strategies that can be put in place to legally and ethically reallocate assets so that they are considered “protected” and/or to convert “unprotected” assets into an income stream that will assist the individual qualify for Medicaid benefits. JLP Legal can help establish and implement the right strategy to assist with the enormous costs of Long Term Care and at the same time, preserve assets.