Medicaid planning is essential for everyone who wants to make sure they do not have to spend all of their money on nursing home care. There is a significant risk that you will require custodial care in a nursing home as you get older. Custodial care is routine daily care when you can no longer live on your own. It is very expensive and you could quickly go through your life savings if you have not taken steps to prevent this from occurring.
The Medicaid planning process can be a complicated one, and it is a process you should start early. The Law Offices of James A. Miller, P.C. can provide invaluable assistance with all of the steps involved in Medicaid planning.
We will help you to determine if you need a plan and will provide assistance in using available legal tools to protect your assets. Give us a call today to speak with a Worcester Medicaid planning lawyer to find out more.
What Does Medicaid Planning Mean?
Medicaid planning involves making sure you can qualify for Medicaid coverage when you need to. Medicaid is virtually the only insurer that provides payment for custodial care in a nursing home setting. Private policies and Medicare restrict coverage for nursing homes to situations where patients need skilled medical services, such as having surgical dressing changed following an operation. For the kind of care most people need, Medicaid is the only option.
Because Medicaid is the only alternative to paying privately for nursing home care, it becomes a big problem if you need to move to a nursing home and you cannot qualify for Medicaid. In this situation, you’re left with no option but to pay privately for nursing home bills which can total thousands of dollars every single month.
You don’t want to spend your entire life savings on a few months of nursing home care, but this is what can end up happening without a proper plan in place to avoid it. The reason this occurs is because Medicaid is means-tested. If you have financial resources, like most seniors do, you have to use up those resources before you qualify for benefits. This means spending money and it could mean selling property. Medicaid planning makes it possible for you to avoid the spending of resources. Your Medicaid planning lawyer will review your situation, your goals, and your plans for your assets to help you identify all appropriate asset protection solutions.
When Should Medicaid Planning Begin?
The Medicaid planning process should start as early as you can, once you have assets to protect and have grown concerned about future nursing home costs. Medicaid has a five-year lookback rule for applicants, which can affect your eligibility for benefits if you have waited too long to carry out your Medicaid plan.
Since waiting can mean having to spend your money on nursing costs during the time you are disqualified from Medicaid, you may be unable to protect all of your assets if you delay in Medicaid planning. However, an attorney may still be able to protect you from some losses so you should always check with a lawyer about whether you have options.
How Can a Worcester Medicaid Planning Lawyer Help?
You should not wait to get started with Medicaid planning if you want to ensure your assets are kept safe and your legacy is protected. Give our Worcester Medicaid planning lawyers a call today at 866-370-3888 or contact us online to learn more about the personalized service we can offer to help you ensure nursing home costs will not leave you without assets.
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