Can Medicaid Take My House in Illinois? Protecting Your Family Home Through Expert Medicaid Planning By Martin Fogarty, Founder of ElderSmart For many Illinois families I've counseled over the past three decades, the family home represents far more than just an asset on a balance sheet, it's the...
Medicaid Penalty Periods Explained (Illinois) Understanding the Five-Year Look-Back Rule and How to Navigate It Successfully By Martin Fogarty, Founder of ElderSmart When Illinois families come to my office facing the reality of long-term care costs, one of the most anxiety-inducing topics we discuss is the Medicaid penalty...
How to Spend Down Assets for Medicaid in Illinois Strategic Asset Management to Achieve Medicaid Eligibility While Preserving Family Financial Security By Martin Fogarty, Founder of ElderSmart "We have $150,000 in savings, and my husband needs nursing home care." "The social worker said we need to 'spend down' our...
As healthcare costs continue to rise, one of the most pressing concerns for aging individuals and their families is how to pay for long-term care without depleting a lifetime of savings. Nursing home care in the U.S. can cost upwards of $100,000 per year, and...
Illinois Medicaid 5-Year Look-Back Rule (And How to Avoid Penalties) If you’re planning for long-term care in Illinois, understanding the Medicaid 5-year look-back period is essential. Mistakes or missteps can cost families thousands — delaying or disqualifying coverage when it’s needed most. In this comprehensive guide,...
One of the most common concerns we hear from families is the fear of losing their home to Medicaid expenses, particularly the costs associated with nursing homes and long-term care. A frequently asked question is whether placing your home in a trust can safeguard it...