Unfortunately, applying for Medicaid in Virginia is a long, complicated process, and the government frequently changes eligibility terms. Waiting until you turn 65 or need extensive medical care to apply for Medicaid could leave you without the proper coverage or even disqualify you from receiving the assistance you need.
Nationally, the average monthly cost of nursing home care is $7,756, while the Virginia Average is much higher at $9,155
1 in 3 Adults in the United States will be diagnosed with some form of Alzheimer’s.
1 in 5 Adults in the United States currently has assumed the role of an unpaid caregiver. Often, the caregiver passes before the person he/she is caring for. So preserving your assets is not just necessary for providing care for yourself but is actually crucial in safeguarding the health and well-being of your spouse or family member who will be caring for you.
Medicaid offers more comprehensive long‐term care coverage than the Medicare program; because long‐term care costs are so high, many middle-class seniors rely on Medicaid to pay for their care. A common misconception about Medicaid is that you must impoverish yourself and your family entirely before you can qualify for long‐term care coverage. This is simply not true.
Medicaid is a jointly funded state and federal health care program for low-income persons of all ages. However, this blog will focus on Medicaid eligibility for older Virginia residents. In Virginia, the Department of Medical Assistance Services administers the Medicaid program. Your local Department of Social Services determines eligibility.
The coverage you could receive through Medicaid depends on your specific plan and overall eligibility. However, the program provides several mandatory benefits to all members, including:
Medicaid may also include the following optional benefits:
Medicaid eligibility is based primarily on income. As a result, when you apply for Medicaid, you must show the government that you meet the necessary baseline income requirements.
1. Virginia Has A 5-Year Look-Back Period
Virginia has a 5-year Medicaid Look-Back Period that immediately precedes one’s Medicaid application date. During this period, Medicaid checks to ensure no assets were sold for less than fair market value or given away. If this has been done, Medicaid assumes it was to meet Medicaid’s asset limit. Violating the look-back rule results in a penalty period of long-term care Medicaid ineligibility. As a result, it’s always best to begin planning for Medicaid at least five years before you apply.
2. You Never Know When Your Health Might Decline
Some retirees put off the Medicaid application process for several years because they do not believe they will need its benefits for some time. While you may be healthy on the day you turn 65, you never know when your health could take a turn.
According to a recent Genworth Cost of Care Survey, 7 out of 10 people will require long-term care in their lifetime. Unfortunately, living in a nursing home is expensive, costing an average of $109,860 per year in Virginia for a private room. With the right planning, Medicaid can help reduce these costs and make living in a nursing home more manageable.
Once you turn 65, your probability of requiring medical assistance increases. It’s always best to prepare for the worst concerning costly expenses like health care.
3. A Shenandoah Valley Medicaid Attorney Can Help You Prepare Now For A More Secure Future
Because the Medicaid eligibility and application process is complicated and time-consuming, many people turn to attorneys for Virginia Medicaid assistance. However, if you wait until the last minute to begin planning for Medicaid, you may not have enough time to involve an attorney in your process.
Hiring a Medicaid attorney can provide you with several benefits throughout the Medicaid application process. An attorney can help you:
Overall, a Medicaid attorney can help you preserve your assets and receive the most benefits from a Medicaid plan.
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