Leading Elder Law & Asset Protection Attorney Rory Clark Debunks Medicaid Spend Down Myths – Leesburg, VA

Top Elder Law Attorney Rory Clark founder of the Legacy Elder Law Center in Leesburg, VA, outlines the main misconceptions surrounding Medicaid. For more information please visit https://legacyelderlaw.com

Leesburg, VA, United States – October 29, 2022 —

Elder Law Attorney Rory Clark has revealed some people’s main misconceptions about Medicaid.

For more information please visit https://legacyelderlaw.com

The Founder of The Legacy Elder Law Center in Leesburg, in Virginia, commented: “The later you plan, the more limited options are available. However, many hold misconceptions about Medicaid, which often hinder their planning process.”

One misunderstanding is confusing Medicaid with Medicare. Medicaid is used to pay for long-term care in nursing homes, and Medicare is health insurance that provides limited coverage for care in rehab. 

“For example, if a patient stays in hospital for at least three days, Medicare covers all nursing home costs for the first 20 days and 80% of all costs until day 100,” he pointed out.

This is a vital difference to understand, considering that, on average, in the U.S., a private room in a nursing home costs $110,380 annually and $89,292 per year in a semi-private room, according to Genworth’s Cost of Care Survey.

Another myth is who can qualify for Medicaid, as most people wrongly assume they must be impoverished to apply. 

Clark said: “To be eligible for Medicaid in Virginia, the applicant must only have $2,000 in countable assets, and a non-applicant spouse can keep upwards of $137,400 of countable assets.’’

“However, there are workarounds such as exempt and non-countable assets. Consult an elder law attorney to learn more about asset protection and Medicaid qualification.’’

Rory quickly added that applicants can still qualify for Medicaid even if they make more than the set income limit, he said. For instance, you might be able to transfer a portion of this income to a spouse to meet or fall under the limit.

Another misconception is that the time is never right to plan for Medicaid. “There’s never a bad time to begin Medicaid planning,” Clark asserted. “You can start even if you or your loved one are years away from needing long-term care, or you can begin the planning process after a loved one is already in a nursing home.”

Source: http://RecommendedExperts.biz

Contact Info:
Name: Rory Clark
Email: Send Email
Organization: The Legacy Elder Law Center
Address: Market Station, 108 South Street, SE, Suite 212, Leesburg, VA 20175
Phone: 703-783-1195
Website: https://legacyelderlaw.com

Release ID: 89083823

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