If you are a senior of modest means then the idea of someday relying on Medicaid to handle your long term care costs has probably crossed your mind. After all you have paid into the system for your entire life and part of your benefits as a retiree is being able to rely on Medicaid to cover long term care costs. But there is something hidden in the fine print.
Medicaid Estate Recovery
What is Medicaid Estate Recovery? It is basically a provision in the tax code where, after your death, the state government will try to recover Medicaid costs by taking money away from the sale of your property. This hits family homes and farms the hardest.
What Does This Mean to Seniors?
Essentially this means that any long term care that you receive from Medicaid will be tallied up against any property you own. The focus tends to be on real estate since all of your assets need to be exhausted before you are eligible to go on Medicaid in the first place. Depending on the amount of care used and how aggressive the tax collectors are, it could mean that a family home or farm goes entirely to the government.
What Can You Do?
If you are worried about the Medicaid Estate Recovery affecting your next of kin, then contact Stano Law Group to see what you can do to protect yourself while still getting the care you need. Stano Law group can help!