When faced with the high costs of care, particularly in a nursing home, married couples worry about depleting their nest egg. Picture your mother caring for your father, and being concerned that she will not have enough money to care for herself in the future. How will she continue to afford Dad’s care without becoming bankrupt? Should you dip into your own retirement savings or your child’s college fund to help?
One option to consider is Medicaid. Many fear that in order to become eligible for Medicaid, you must first spend down your funds until absolutely nothing is left. However, these fears can be alleviated with proper planning. The State of Illinois allows Mom’s assets to be protected, along with a portion of Dad’s income. Additional funds may be invested in a Medicaid-friendly annuity, generating an income stream for Mom, or additional assets from Dad may be lawfully transferred to mom.
Advanced planning is crucial to a successful transition to Medicaid coverage, and family resources can be lawfully protected!
Whether you or your loved one are planning for the future, currently applying for Medicaid, or appealing a Medicaid decision, DDV Law, Ltd. is here to help! Contact one of our experienced elder law attorneys today at (312)878-0155 or click here to request a consultation online.