As regular visitors of our blog know, we frequently like to touch on the topic of estate planning and everything that goes on with this important part of any person's life. One part of estate planning that we have touched on a few times is Medicaid planning, which helps individuals consider the financial plans they need to make in order to properly address medical care later on.
But if you are one of our more frequent readers, have you ever asked yourself how important Medicaid planning is to you? More to the point, have you ever considered the fact that Medicaid planning should be just as important as any other aspect of your estate plan? If you haven't, then you'll definitely want to read today's post where we will look at the importance of having a financial plan for your potential health care needs.
If you've been in to the doctor recently or needed to have a test performed, then you know how expensive medical care is here in Florida. If hundreds of dollars seems like a lot, consider for a moment the fact that the average stay in a nursing home can be thousands of dollars each month. If you're like a lot of our readers and are retired, then an extended nursing home stay could decimate your savings quickly.
With proper planning though, you can tap into Medicaid and hopefully avoid this unwanted outcome from occurring. As you may or may not know, Medicaid is a federal program that provides assistance to individuals who have low incomes, making many retirees ideal candidates. By tapping into Medicaid, many of our eligible readers could help stretch their finances further, allowing them to enjoy their retirement more than they would if they were constantly worried about their finances.
Just as failing to draft a proper estate plan can lead to complex legal issues for your loved ones when you pass away, so too can improper Medicaid planning. If you do not properly plan for possible medical costs, you may need to dip into money you originally intended to go to your loved ones, which can create resentment and even complex issues as well.
By talking with a lawyer about your options and your eligibility for Medicaid, you can help yourself and your loved ones avoid this unfortunate and unwanted outcome down the road.