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Will you be eligible for Medicaid if you need it as you age? 

On Behalf of | Feb 11, 2022 | estate planning

All adults can receive Medicare when they turn 65. Medicare benefits will cover basic medical expenses, like routine care and acute treatment after an injury or illness.

However, Medicare does not cover all of your possible needs. If you require nursing support to stay at home or a move into a nursing home, Medicare won’t pay for those expenses. The only way to get government coverage for those costs is if you qualify for Medicaid.

Unless you plan ahead, you may have a hard time receiving Medicaid benefits when you need to move into a nursing home in Tennessee.

Several years of records are subject to review when you apply for Medicaid

Unlike Medicare, Medicaid is only available to those who meet certain financial requirements. The state will look at your income and your assets to determine if you can receive Medicaid for expenses like nursing home care. In fact, they will look back over several years of your financial records to make sure that you didn’t make any inappropriate transfers.

The Tennessee Medicaid Program will review 60 months’ or five years’ worth of financial transactions when they decide whether or not you should receive Medicaid benefits. Only by planning well ahead of time can you avoid a denial of your benefits or a penalty that requires you to pay out-of-pocket for any amount that you transferred or gave away before applying.

Medicaid planning can help you qualify when you need benefits and can also protect your assets from Medicaid estate recovery after you. Thinking about your future needs, like nursing home care, can be an important part of estate planning.