How Can an Elder Law Attorney Help With Medicaid Planning?
Medicaid planning can be a complicated process no matter how familiar you are with dealing with medical coverage. The rules surrounding Medicaid eligibility and how to get the most out of your coverage are often hard to navigate. You may not know who to trust to advise you as you or a loved one go through this time of life.
An elder law attorney is experienced at guiding clients through the process of Medicaid planning.
Navigating Eligibility Guidelines
Filing an application is not the only part of qualifying for Medicaid. You are only eligible to receive Medicaid after meeting certain financial requirements, and the application only allows the benefits once you’ve met those requirements. Some individuals with few assets qualify immediately, others will never qualify due to their large amount of assets. Most middle class individuals will need to spend down some assets but will qualify eventually, meaning they have to spend excess income on medical bills before being eligible for benefits.
There are a whole host of other rules regarding Medicaid eligibility, including transferring or gifting assets, whether or not you’re married, and what really qualifies as an asset.
Planning & Applying
Elder law attorneys are experienced at understanding the individual eligibility requirements in your state. They know what is considered an asset, when you can transfer your assets, and how to navigate the application process.
Planning for Medicaid essentially comes down to timing. Are you applying too early? You may become ineligible longer than if you had waited to apply when you were fully eligible. Are you applying too late? You are probably missing out on time where you could be fully covered.
An expert will be able to guide you in the details and rules that apply to Medicaid. You may be tempted to talk to someone at the nursing home you’re considering using, but beware of conflict of interests. They are not trained to save you money and make sure your spouse is more secure; instead, they likely are interested in bringing in more money to their facility, no matter if its yours or from your insurance company.
Talk to someone who is going to advise you and act in your best interests as you navigate Medicaid planning. At the Elder Law Office of David Wingate, we are ready to help you enroll in and become eligible for Medicaid when the time is right for you! Schedule your consultation today!Tags: elder law, long-term planning, medicaid planning