Medicaid Frequently Asked Questions
Planning for long-term care can be a sensitive and sometimes overwhelming process. We understand how important it is to protect your family and your assets while getting the right care. Medicaid can play a key role in making this possible, but the rules can be confusing. To help you get started, we have answered some of the questions we hear most often from clients.
Understanding Medicaid rules and how they apply to your family can make a meaningful difference in both the level of care you receive and the financial legacy you leave behind. We are here to answer your questions, explain your options, and help you take the steps needed to protect what matters most. If you’re ready to discuss your situation, call us today at (847) 261-8886 or complete a contact form to schedule a consultation. Together, we can create a plan that supports your loved ones and provides peace of mind for the future.
FAQ
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Medicaid is a joint federal and state program that helps cover the cost of long-term care for people who meet certain income and asset limits. It is different from Medicare, which does not typically cover extended stays in nursing homes. In Illinois, the eligibility requirements include both financial and medical criteria, so it is important to understand the specific rules before applying.
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Yes, in many cases you can keep certain exempt assets. For example, your home, one vehicle, and personal belongings may be protected, depending on your situation. The amount you can keep is set by state guidelines, so your specific circumstances will determine what is exempt. We work closely with families to help them understand how these rules apply to them.
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Not necessarily. While Medicaid has strict limits, there are legal strategies to help preserve some of your savings for your spouse or heirs. Planning ahead gives you more options. Even if care is needed right away, there may still be steps we can take to protect some assets while meeting Medicaid rules.
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Starting early is always best because Medicaid has a “look-back” period. In Illinois, this is currently 60 months. During that time, any gifts or transfers you make may affect eligibility. The sooner we put a plan in place, the more choices you have, but it is never too late to explore your options.
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Yes, it is still possible. Even if you or a loved one is already receiving care, there may be ways to apply for Medicaid without losing everything you own. We help many families in urgent situations create a plan for qualification and determine what resources they can keep.
