Your doctor tells you life altering news, “You need Long Term Care and Medicare won’t pay for it.” You must either pay out-of-pocket or be broke to qualify for government assistance. The average cost of long-term care in Idaho is nearly $10,000 per month.
Giving away your assets to qualify for government help can actually disqualify you for the government assistance you seek.
Idaho Law Group can help you navigate the complex asset protection the rules and laws to qualify for Medicaid while preserving a portion of your assets you are legally allowed to protect.
The current average monthly cost of staying in a Long Term Care facility in Idaho was $9,943.51 in 2024. However, the cost of Long Term Care keeps rising more than the rate of inflation.
People over the age of 60 rely on Medicare to cover most of their medical expenses. However, Medicare will not cover Long Term Care.
What happens if you are discharged from a hospital to a Long Term Care or Rehabilitation facility?
Limit On Time – Medicare will cover “skilled” services or rehabilitation in a facility if the patient is making progress
Limit On Services – Medicare does not pay for non-skilled assistance with “Activities of Daily Living” (ADL). Assistance with activities of daily living make up the bulk of the services received in a facility. ADLs not covered by Medicare include:
Without the assistance of Medicare, the monthly expense of Long Term Care is difficult for most families to cover. There are three options to pay for Long Term Care expenses.
Long Term Care Insurance is designed to pay for chronic medical conditions. These policies pay a daily rate.
Without the help of any insurance, an individual is required to pay for Long Term Care from their own resources. In Idaho, the average expense will be near $117,000 per year. Bank accounts can drain quickly at this rate. One way individuals sometimes raise the needed funds is to get a reverse mortgage on the family home.
Many people believe that they are required to use all of their resources to pay for this care until they are poor enough to qualify for Medicaid. Idaho Law Group may be able to help you qualify more quickly while preserving a significant percentage of your assets.
Medical care offered through Medicaid is a needs based. If you qualify, Medicaid can pay for Assisted Living, Home Health Care, or a Skilled Nursing Facility.
Whether someone needs care immediately or there is time to plan, Idaho Law Group works with individuals and families to design plans that protects a portion of your assets while qualifying you for Medicaid as quickly as possible.
The laws surrounding Medicaid are complex. It is a federal program which each state manages with some differences.
The following cases illustrate what is possible with proactive planning.
Pauline has been diagnosed with dementia. She wants to be able to pass something along to her children. She comes to Idaho Law Group for help.
Pauline’s Income – $1,800 per month
Pauline’s assets – $150,000
Pauline’s cost of Long Term Care – $8,300 per month
Instead of waiting for Pauline to spend her $150,000 on Long Term Care, Idaho Law Group assists her with a gifting strategy that works within the Medicaid rules.
Once the plan is put into place, Pauline is able to qualify for Medicaid immediately. There will be a period during which Medicaid will not pay, but the plan covers that. Pauline was able to protect a little over half ($75,848) of her assets and pass them to her children.
Arthur and Mary are married. Arthur has just been diagnosed with early-onset dementia. He wants to make sure Mary has all she needs when he is gone. They come to Idaho Law Group for help.
Arthur’s Income – $2,000 per month
Mary’s Income – $1,500 per month
Joint Assets – $300,000
Arthur’s cost of Long Term Care – $8,500 per month
Idaho Law Group helps Mary and Arthur create a plan where Mary gets to keep $125,000 of assets. An additional $157,000 of assets are turned into an income stream that will pay the $157,000 back to Mary in 36 months. Arthur is immediately qualified for Medicaid without paying the Long Term Care facility and without any Medicaid penalty period.
We provide education and counseling to individuals and families so that you can make informed choices with confidence.