Medicaid planning is the process of organizing your finances and assets in order to qualify for Medicaid while protecting as much of your wealth as possible. Medicaid is a federal and state government program that can provide you with healthcare coverage, especially if you have limited income. Its benefits can extend to include support for long-term care in nursing facilities, for example, which can be incredibly expensive.

Eligibility for Medicaid is fairly strict, however. If your family has assets and property that are decently valued, qualifying for Medicaid without careful planning may cause you to have to spend down in order just to qualify. This, in turn, would be a huge sacrifice to your savings and assets. Medicaid planning allows you to meet eligibility requirements without necessarily draining your finances.

Key Components Of Medicaid Planning

There are several aspects of Medicaid planning, but some are more critical than others. Here are some key components you need to consider if you decide to begin Medicaid planning:

Income And Asset Assessment

Your The Law Firm Of Myrna Serrano Setty, P.A. Medicaid eligibility attorney will begin by evaluating your income and assets to determine your current eligibility status. This goes far in identifying what if any, adjustments you may need to make in order to meet Medicaid’s strict eligibility requirements.

Asset Protection Strategies

There are several strategies we can discuss with you that can protect your assets while qualifying you for Medicaid. Common ones include:

• Trusts: Irrevocable trusts, in particular, can shield your assets from being counted toward Medicaid eligibility.
• Gifting: Strategically gifting assets to family members can significantly reduce your asset total. You’ll be subject to the look-back period that Medicaid enforces, however, so you’ll need to be mindful of that.
• Annuities: Certain annuities can help you convert assets into a stream of income without it being counted against your Medicaid eligibility.

Spend-Down Process

If you’re above Medicaid’s asset threshold, you may need to adopt a spend-down approach. Doing so allows you to convert countable assets into exempt ones by paying for qualifying expenses, be it home modifications, debt repayment, or other medical and care-related costs.

Long-Term Care Planning

Medicaid planning isn’t just about qualifying. It’s about securing quality care. We can help you explore the many options you may have for care facilities, in-home support, or other services.

Families with loved ones who have special needs face unique challenges when planning for Medicaid. This shouldn’t be a reason not to plan, however. We can help you navigate these challenges and construct a plan that preserves your resources and your loved one’s access to government benefits they rely on. We use various tools to this end, including special needs trusts crafted specifically for your needs.

Contact Myrna Setty For Medicaid Planning Help Now

The Law Firm Of Myrna Serrano Setty, P.A. | North Tampa, FL

Planning for Medicaid and long-term care can be intimidating, but with the team at The Law Firm Of Myrna Serrano Setty, P.A., you won’t have to navigate it alone. We’ll help you secure your and your loved one’s financial well-being. We’re ready to support you through every step of the process, working closely with you to achieve your goals. Email or call us at (813) 686-7175 today and schedule a consultation to explore how we can make them a reality.