Every state has the responsibility of determining what parameters will allow a person to receive Medicaid payments. Since Medicaid is a government program designed to provide parties who have no other method of paying for their care, it is important to plan ahead with the support of a Virginia Medicaid lawyer.
Simply retitling or transferring all of your assets in the weeks or months before you apply for Medicaid may subject you to a penalty. It is far better to have a long term plan that considers the costs of long term care and your options to reach it. In 2021 the monthly income limit in Virginia is $2,382 for Medicaid home care benefits. There is no set income limit for nursing home care.
The asset limit is $2,000 but this does exclude the applicant’s interest in certain personal effects, household furnishings, a vehicle and equity in the home up to $603,000. Just having asset limits or income above this level does not mean that a person cannot qualify. There are numerous methods to shelter and protect assets and allow a senior to become eligible for Medicaid home care or nursing home care.
As you can see, there are many different complex facets of qualifying for Medicaid, and it is imperative to have the support of a qualified elder law attorney to guide you through. The cost of a nursing home in Virginia can range from $7,500 a month to nearly $12,000 per month. In the Virginia Beach, Norfolk and Newport area, the average cost for nursing home expenses is between $265 to $385 per day.
This could decimate your retirement savings and leave your without the money they need to take care of themselves. Don’t hesitate and don’t wait until a crisis occurs. Schedule a consultation with a Virginia Beach Medicaid planning lawyer.