Medicaid Planning FAQs
At some point in life, it is likely that either you or a loved one will require some form of long-term care. Unfortunately, nursing home services are not cheap and they can quickly deplete one’s bank account. The good news is Medicaid can help significantly reduce these costs. However, there are strict income limits that must be met in order to qualify for Medicaid benefits. Proper Medicaid planning can help ensure that you or a loved one will receive care in your time of need.
At the law firm of Allender & Allender, our attorneys can help guide you through the Medicaid planning process. The following are some of the frequently asked questions we encounter from people who are interested in Medicaid planning. However, it is important to note that everyone’s situation is unique and nothing can replace the one-on-one advice you receive from a qualified lawyer. To schedule a consultation, call our main law office in Titusville at 321-529-2448.
Won’t Medicare provide all of the coverage I need?
Not necessarily. People are only eligible for Medicare after turning 65 years of age. However, you may need help with long-term health care before turning 65. Even if you qualify for Medicare, it may not provide the comprehensive benefits you need. Medicaid can help cover the costs of long-term care regardless of a person’s age.
What do I need to do to plan for Medicaid coverage?
It is important to collect and prepare a variety of income-related documents. An attorney can let you know everything you need. In many cases, it may be necessary to restructure your financial assets to meet the income limitations imposed by Medicaid.
How can I restructure my assets to qualify for Medicaid?
One way to restructure your assets is to place them in a trust that Medicaid won’t count as part of the eligibility requirement. Another method is to change a countable asset into a noncountable asset. For example, taking money from a savings account, a countable asset, and spending it on home improvement, a noncountable asset.
When should I begin thinking about Medicaid planning?
It is never too early to consider Medicaid planning. Many people wait until long-term care is needed, but by then it is often too late and people will need to “spend down” their assets until they meet the income eligibility requirement. Ideally, Medicaid planning should take place at least five years before long-term care is needed. However, even if you have waited until the last minute, there may still be some options available. Our attorneys can let you know what path might be best for you.