Louisiana residents who need long term care must either pay for that care out of their own pocket - often referred to as "Private Pay," or you can qualify for Medicaid by fulfilling certain eligibility requirement and passing Medicaid's stringent asset qualification tests.
Most people are aware that many residents of nursing homes have their nursing home bill paid for by Medicaid. But did you know that if you meet certain Medicaid eligibility requirements you might be able to have Medicaid provide you with assistance in your own home?
The home care part of Medicaid is called the Home and Community Based Waiver Services (HCBS). It's my understanding that there is a long waiting list of people wanting to qualify for these services. Last I heard it took at least three years to make your way up the HCBS waiting list.
If you'd like one day to be eligible for HCBS, don't transfer any assets. Louisiana Medicaid rules provide that you will not be eligible for HCBS services if you, your spouse, or someone acting on your behalf, gives away, or sells an asset for less than fair market value on or after February 8, 2006.
So should you load up on exempt assets if you're going after HCBS services? Maybe or maybe not. If you'd like to find out how to protect your estate from enormous nursing home costs, give our Medicaid planning hot-line a call at 866-491-3884. Tell us you want to know what you or a loved one needs to do to qualify for Medicaid. We'll be glad to talk to you about it.