Oklahoma City Medicaid Planning & Legal Services
In the United States, there are over 75 million people who rely on Medicaid for their medical coverage. Medicaid is a government program that provides nursing home, healthcare, and financial assistance to those with low incomes and limited resources. In order to qualify for these benefits, you must meet certain eligibility requirements, which can be confusing and complex at times.
Our law firm specializes in assisting clients with Medicaid applications for nursing homes. If you need help understanding how your assets will affect your Medicaid qualification, our experienced Oklahoma Medicaid attorneys can help answer your questions and ensure your rights remain protected. Our legal team has years of experience working with clients within Oklahoma just like yourself who need guidance navigating this process. Contact our Oklahoma City & Warr Acres Medicaid attorneys at 405-773-9800 today to learn more.
Qualifying for Medicaid in Oklahoma
Qualifying for long-term or nursing home care with Medicaid can be difficult. In Oklahoma, Medicaid eligibility is determined by the following:
- You must have limited income.
- You must have limited assets.
- You must be over the age of 65 and meet certain medical criteria.
- The financial rules change depending upon marital status.
- Gifts can create periods of ineligibility.
We have the experience to help you qualify for Medicaid benefits. You should consider visiting with an experienced professional who can provide guidance and expertise in understanding your options. We can visit with you and evaluate your specific needs, discuss any available courses of action, and answer all of your questions.
Medicaid Income Trust
Medicaid is a complex system that can provide assistance to those in need. While Medicaid is a federal program, each state can modify the federal law, so decisions made regarding your estate plan must follow specific laws of the state of Oklahoma.
With nursing homes costing upwards of $200 a day, being able to qualify for Medicaid assistance can be crucial. However, with the strict laws in place regarding income and financial resources, some people use all of their assets to pay for their care without knowledge of the other options available to them to protect the assets they have worked for their entire lives. With careful Medicaid planning, you can qualify for state assistance for nursing home care and protect your assets at the same time.
When you need to protect your assets but have too much income, a Medicaid Income Trust can be an effective way to ensure that your assets will not disqualify you from eligibility. A Medicaid Income Trust can effectively and legally allow you to qualify for Medicaid while being over the income limit. Our experienced attorneys can offer assistance by reviewing your specific needs and working with you to understand how to best manage, protect, or transfer assets in order to legally qualify for Medicaid.
One of the ways that a Medicaid plan can work is by transferring assets to other family members before the “look back period” begins. Transfers of assets to your spouse or children for less than fair market value are permitted but must be planned for carefully. For example, if you sell a home worth $200,000 to your child for $150,000, the sale of that home would be considered a transfer for less than fair market value. The $50,000 difference would be considered a gift and create a period of Medicaid ineligibility.
The options regarding how to preserve the assets you have worked so hard for during your life are extensive and will depend on the unique facts and circumstances of your specific situation. This is why we are proud of our expertise in understanding all the options available for Medicaid planning and allowing you to make an informed decision about which course of action will work best for you and your family.
Contact Our Experienced Oklahoma Medicaid Attorneys Today
While the rules on transferring assets can be complex, mistakes can cause a suspension of your Medicaid eligibility. Talk to an experienced professional who has helped many clients like you understand their options. Our Oklahoma City Medicaid lawyers have years of experience in this complex process and would love the chance to talk with you about how we can help. For more information on our services, and to learn how you can qualify for Medicaid while preserving your assets, contact our experienced Warr Acres, Oklahoma Medicaid attorneys at 405-773-9800 and speak with our legal team today.