Do I Need Asset Protection for Medicaid Long-Term Care?

Do I Need Asset Protection for Medicaid Long-Term Care?

The astronomical costs of long-term care in Virginia can devastate your family’s finances. High nursing home or home care prices can quickly drain your savings, investments, and retirement funds. Asset protection for Medicaid Long-Term Care can help you qualify for coverage that pays for long-term nursing care and many home health services, but you must meet Medicaid’s stringent asset limits.

Do you need asset protection to qualify for Medicaid Long-Term Care? Let’s find out.

Income & Asset Limits for Virginia Medicaid Long-Term Care Eligibility

Virginia seniors must meet both medical and financial eligibility requirements to enjoy Medicaid Long-Term Care benefits. The 2023 criteria are as follows for a single individual (the numbers for couples are different):

  1. Your monthly income cannot exceed $2,742
  2. You cannot have assets exceeding $2,000
  3. You must require care from a nursing home facility

Income includes virtually any form, including employment wages, alimony payments, pension payments, Social Security Disability Income, Social Security Income, IRA withdrawals, and stock dividends.

Countable assets include cash, stocks, bonds, investments, IRAs, bank accounts, and real estate in which you do not reside. Your primary home is generally exempt.

You should consult with one of our Medicaid Long-Term Care Planning Attorneys for more specific information about your situation.

Cost of Long-Term Care in Virginia

The average cost of nursing homes in Virginia is $221 per day. This amounts to over $80,000 per year. Costs can vary by as much as 30% across the state according to location, single or double room occupancy, and other factors.

For example, one VA LTC insurance company website provides the following cost estimates for these cities and areas:

  • Norfolk – $74, 024
  • Roanoke – $88, 266
  • Richmond – $93,700
  • Northern VA – over $116,000

These are estimated yearly costs of nursing home care. Home care or assisted living costs will vary.

Asset Protection for VA Medicaid LTC

Most people considering Medicaid have too much income and too many countable assets, yet they still cannot afford the high costs of long-term care. If you are in this category, you need asset protection assistance to help you become eligible for Medicaid LTC.

Virginia Medicaid covers the cost of long-term care for seniors and individuals with disabilities who meet the eligibility requirements. Medicaid LTC Planning with Promise Law can help you protect your valuable assets while helping you become eligible for long-term care coverage.

You need asset protection, so:

  • You can enjoy the highest quality of life possible in a nursing home without spending down your assets
  • Your spouse can remain nearby in your home and enjoy your joint assets
  • You can preserve your assets for your family in the future
  • You can protect your family from excess taxes

The Medicaid LTC Planning Attorneys at Promise Law have several options for asset protection they can employ, and each plan is customized to the client. We pay close attention to your specific needs and goals regarding your need for care, health condition, income, assets, expenses, and other vital factors.

Now is the Time to Begin Your VA Medicaid Long-Term Care Planning

Time is of the essence when it comes to Medicaid LTC planning. Virginia has a 5-year Medicaid Look-Back Period that can complicate matters. Simply selling or giving away assets during this period before applying for Medicaid can result in penalties. All gifting is not a violation of this provision, but you need to structure gifts and other actions carefully to remain eligible.

Contact Promise Law in Newport News, VA, today to learn more and enjoy our Virginia Medicaid Long-Term Care Workshop. You will receive valuable information about Medicaid planning and how to begin. Call us today or register for the workshop online.



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