Medicaid planning is just a part of growing older. You need to think about the best way to qualify while still protecting your assets. When should you start planning? As soon as possible. Medicaid has a look-back period that has to be considered, so taking steps to protect your assets prior to that is important.
One of the most important reasons to plan for your need for Medicaid is because your income or resources are over the financial eligibility limits. When that happens, you won’t be able to get Medicaid until those assets are depleted. For people who don’t plan well, this could mean spending thousands out of pocket for medical care and nursing home expenses before being able to qualify.
Long-term care is extremely expensive, and getting qualified for Medicaid is complicated. Small errors on your application could result in a rejection, so it’s essential that everything is prepared in advance. It can also be time-consuming to apply for benefits if you haven’t made plans in advance.
Is it expensive to plan for Medicaid?
It doesn’t have to be. The costs associated with Medicaid planning come down to the specifics of your case, such as what kinds of benefits you receive and if you’re married. Another factor is who you choose to work with. You should always speak with your attorney about the cost for their services upfront.
Medicaid is an important protection as you begin to require medical support. Our website has more on what to do if you want to start Medicaid planning.