The goal of Medicaid planning is to help you protect your assets while qualifying for Medicaid benefits that can help you pay for long-term care services, such as home health care, assisted living facilities and skilled nursing facilities. Through Medicaid planning, families can protect their savings and assets, while still accessing important long-term care services.
Medicaid planning can involve a variety of services. Proactive planning includes, but is not limited to, preparing foundational estate planning documents to prepare for future incapacity, preparing special trusts or even caregiver agreements Crisis planning is needed when an individual is already in a skilled nursing facility or will be entering within a short-time period and needs to qualify for Medicaid benefits immediately.
How Does One Qualify For Medicaid To Help Pay For Long-Term Care?
Generally, to qualify for Medicaid, income guidelines and countable asset guidelines must be met. In addition, Medicaid applicants must be aware of the Five-Year Lookback rule, under which Medicaid imposes an eligibility penalty for prohibited transfers made within five years of application. Transfers are prohibited if inadequate or no consideration is received in exchange. The penalty delays the date when coverage kicks in. There are a few categories of transfers that do not trigger the penalty period.
Can I Just Give Away All Of My Assets To Qualify For Medicaid?
One can generally not simply give away their assets in an uncompensated transfer to qualify for Medicaid. However, there are certain transfer methods that are not considered uncompensated transfers for Medicaid.
Will My Spouse Have To Lose Everything Too If I Am Going Into A Nursing Home?
If you are going into a nursing home, there are processes in place to prevent your spouse from impoverishment.
Is It Too Late To Save Assets Or Resources If My Loved One Is Already In A Nursing Home?
If your loved one is already in a nursing home, it may or may not be too late to save assets or resources. This depends on the specific circumstances. Particularly, it depends on what the family’s hopes are for the resources they wish to save.
What Are Some Important Concerns People Have When They Come To You To Plan For The Future?
There are a few critical concerns many clients have when first meeting with a Medicaid planning attorney. First, they usually want a timeline. It often helps clients to have a general sense of the amount of time before a loved one is eligible to receive benefits. In addition, clients want to know the monetary cost of the entire process. This includes the cost of working with an attorney and providing long-term care. Finally, clients also want protection. Being secure is an area of utmost importance for clients. For example, they want to be assured that the estate planning documents in place are in order, and often appreciate the guidance and advice that an attorney can provide.
What Stages Of Life Are Your Clients Typically At When They Begin Medicaid Planning?
Typically, clients begin Medicaid planning in their late 40s through to their 50s. Oftentimes, the children of individuals in need of care are the ones who initiate the process. Usually, those seeking to do Medicaid planning for themselves, or their spouses are in their late 60s to their early 70s.
For more information on the Goal Of Medicaid Planning In Florida, click here.