Have You Considered the Importance of Medicaid Planning?
Did you know that one in four individuals will eventually require nursing home care? With the average cost for nursing home care at approximately $7,500 it poses a significant financial dilemma in the later years of many Americans. Some are able to afford the expense or obtain access to long-term care insurance. Others who aren’t in a position to manage the expense depend on Medicaid planning to gain access to nursing home care while protecting their assets.
Many assume they aren't able to qualify for Medicaid benefits to cover long-term care costs. In making this assumption, they miss out on a number of benefits specifically designed to improve their quality of life as seniors. The fact of the matter is that Medicaid planning can help seniors easily qualify for long-term care benefits they desperately need – all without putting their life savings or their family’s financial security on the line.
Medicaid is a joint program between state and local governments offering health insurance and nursing home coverage. In order to qualify, income and assets have to fall within a certain range. Proper Medicaid planning may include the transfer of assets to beneficiaries, prepayment of funeral expenses, setting money aside for daily expenses, etc. In this way Medicaid planning can enable seniors to qualify for Medicaid and receive the benefits of nursing home and medical care coverage if it becomes necessary.
Benefits of Medicaid Planning:
1. Significantly decrease or even eliminate nursing home costs.
2. Safeguard assets and life savings.
3. Access to government financial assistance to cover costs of long-term care.
While most will agree after considering the facts that Medicaid planning is a good idea, some will still postpone taking action, but there are specific advantages to starting Medicaid planning early. For instance, transferring wealth and assets is governed by strict laws. Individuals interested in planning for Medicaid eligibility should allow themselves sufficient time to meet the eligibility criteria. Working with an experienced attorney to navigate the complex rules and regulations surrounding Medicaid eligibility can significantly improve chances of accessing benefits when they become necessary and maximizing opportunities for asset protection.
If you have questions about Medicaid planning or if you aren’t sure if it’s time to start considering how to protect your wealth and assets, please get in touch with our experienced Medicaid and Estate Planning team today by calling 260-969-1177 or emailing email@example.com.