Thinking about the cost of long-term care isn’t something anyone looks forward to, but it’s a reality many families face. Nursing home and assisted living costs can quickly drain a lifetime of savings, leaving families in a tough spot. Medicaid can help cover these expenses, but qualifying isn’t always straightforward. That’s where we come in.

At Foust & Foust, PLLC, we help Tennessee families plan ahead so they can protect their assets while ensuring access to the care they need. Whether you’re preparing for the future or facing an urgent long-term care situation, we’re here to guide you through the Medicaid planning process.

What Is Medicaid Planning?

Medicaid planning is the process of legally structuring your assets and income to qualify for Medicaid benefits while preserving as much of your estate as possible. 

Many people assume Medicaid is only for those with minimal assets, but that’s not the case. With the right planning, middle-class families can qualify for Medicaid assistance without sacrificing everything they’ve worked for.

Tennessee’s Medicaid program, TennCare, has strict financial requirements, including limits on income and assets. Without proper planning, you could end up spending down your savings or selling off property to qualify. Medicaid planning helps you prepare in advance so you don’t have to make those tough choices at the last minute.

A major factor to consider is Medicaid’s five-year look-back period, which reviews financial transactions from the past five years. If you transfer assets improperly during this time, you could face penalties or a delay in benefits. That’s why it’s important to plan ahead.

Medicaid Eligibility in Tennessee

To qualify for Medicaid (TennCare) in Tennessee, applicants must meet certain financial and medical criteria. Here’s a general overview:

  • Income Limits: Medicaid has strict income limits, which vary depending on whether the applicant is single or married.
  • Asset Limits: Countable assets must be below a certain threshold. Some assets, like a primary residence (under certain conditions) and personal belongings, may be exempt.
  • Medical Need: Medicaid eligibility also depends on a person’s medical condition and their need for long-term care services.

Since these requirements can be complicated, it’s essential to work with an attorney who understands how to structure assets properly to help you or a loved one qualify without unnecessary financial loss.

Why Work with Foust & Foust, PLLC?

Medicaid planning isn’t just about numbers—it’s about ensuring that you or your loved one gets the care they need without unnecessary financial hardship. At Foust & Foust, PLLC, we take the time to get to know you and understand your situation before recommending a course of action. Here’s what you can expect from working with us:

  • Local Knowledge: Medicaid rules vary by state, and we have extensive experience with Tennessee’s specific requirements.
  • Personalized Planning: No two families are the same, so we take a customized approach to every case.
  • Comprehensive Estate Planning: Medicaid planning is just one piece of a larger puzzle. We also help clients with wills, trusts, and other estate planning tools to ensure long-term financial security.
  • Ethical and Legal Guidance: We help clients protect assets while staying fully compliant with Medicaid laws to avoid penalties or future complications.

When Should You Start Medicaid Planning?

The best time to plan for Medicaid is before you need it. The earlier you start, the more options you have. However, even if you or a loved one already needs long-term care, we can still help with crisis planning strategies to preserve assets and secure Medicaid benefits as quickly as possible.

Some key life events that may signal the need for Medicaid planning include:

  • A recent diagnosis of a chronic illness
  • A spouse entering a nursing home
  • Major changes in financial status or retirement planning

The sooner you start, the more you can do to protect your savings and property.

What to Bring to Your First Consultation

If you’re meeting with us for Medicaid planning, it helps to bring key financial and legal documents, such as:

  • A list of all income sources (Social Security, pensions, etc.)
  • A breakdown of assets, including bank accounts, real estate, and investments
  • Existing estate planning documents (wills, trusts, powers of attorney)
  • Any recent medical records related to long-term care needs

We’ll walk you through everything you need to know and help develop a strategy that fits your situation.

Take the First Step Toward Medicaid Planning

Long-term care is expensive, but you don’t have to spend everything you own to get the care you need. With proper Medicaid planning, you can protect your financial future while securing essential benefits.

Let’s talk about your options. Call Foust & Foust, PLLC today at (865) 203-4041 or fill out our Contact Us form to schedule a consultation. Planning ahead can make all the difference for you and your family.