Leading Illinois Estate Planning And Probate Attorney Michael Huguelet Explains How Medicaid Can Impact Funding Nursing Home Care – Orland Park, IL

Top estate planning attorney Michael T. Huguelet founder of the Orland Park Law Office of Michael T. Huguelet, P.C outlines how Medicaid can soften the financial blow to all personal finances. For more information please visit https://www.hugueletlaw.com

Orland Park, Illinois, United States – June 29, 2023 —

As nursing home care costs spiral, Estate Planning and Elder Law Attorney Michael T. Huguelet has disclosed how Medicaid can soften the financial blow to personal finances.

For more information please visit https://www.hugueletlaw.com

Medicaid is a government-run insurance program available to people on low to medium incomes. They must meet specific requirements to qualify for government benefits to pay for skilled nursing home care.

Different states apply different guidelines and offer different thresholds to enable people to apply for Medicaid. Countable resources for a person need to be below a specific statutory limit. This applies to wages, social security, Veteran benefits, pensions, bank accounts, stocks, trusts, annuities, property, car and life insurance.

Medicaid can cover skilled nursing for medical issues, rehab for an illness, surgery or injury, or long-term round-the-clock care. It also covers various things on a fixed daily rate to nursing homes, including nursing care costs, rehab requirements, room and board and prescriptions.

Mr Huguelet, the founder of the Law Office of Michael T. Huguelet, P.C., said: “Income and financial transactions are reviewed for the five years prior to the Medicaid Application to determine compliance with Medicaid requirements. A person shouldn’t try to transfer financial assets if they are hoping to qualify for Medicaid as this might count against them.’’

“Flouting Medicaid rules could see an application rejected, and a person will instead have to pay for their nursing home care expenses out of their own pocket.”

Medicaid does not cover items, such as demands for a private room, special meals, electronic products, such as a TV, personal items, such as clothes and cosmetic products, gifts, books and flowers. A person would have to pay for these personally.

He explained that a person would have to give up their state monthly income minus a $130 Medicaid stipend as a nursing home resident. “However, if you have to pay for doctor and hospital visits, you could deduct them from your monthly income,” he said, “meaning you pay the state less based on your monthly medical expenses.”

Mr. Huguelet advises people considering applying for Medicaid to seek guidance from an attorney specializing in this field. “For example, they can establish whether the assets owned by the person are considered countable assets for Medicaid eligibility. Medicaid can be a maze of uncertainty, so specialist advice and proper planning are key to ensuring their finances are better protected for the long term.”

Source: http://RecommendedExperts.biz

Contact Info:
Name: Michael T. Huguelet
Email: Send Email
Organization: Law Office of Michael T. Huguelet, PC
Address: 10723 W. 159th St. Orland Park, IL 60467
Phone: 708-722-8442
Website: https://www.hugueletlaw.com

Release ID: 89100249

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