Missouri HealthNet (formerly Medicaid)
Many Americans will require nursing home care as they age. Nursing homes can be very expensive. Monthly charges above $5,000 are not unusual. This can rapidly deplete the assets an individual has accumulated over a lifetime. Long-Term care insurance can provide assistance, but the most situation in many cases is to plan on qualifying for Medicaid.
Medicaid, also known in Missouri as MO HealthNet, is a joint federal/state program to provide assistance to individuals. It provides health insurance and nursing home coverage for low-income adults. To qualify for Medicaid, you must make a variety of financial disclosures. Qualification focuses on income and assets. Qualifying for Medicaid requires complying with a variety of regulations, including transfer laws, spousal asset analysis, and access to resources. It is possible to structure your assets such that you qualify for MO HealthNet without draining your lifetime of assets first. Complying with the variety of regulations requires an experienced estate planning and elder law attorney.
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