Plan early to protect your assets when you need Medicaid

As you get older, one thing you may need to start doing is preparing for Medicaid. Did you know that the average cost of nursing home has exceeded $7,000? It’s shocking, considering that it costs much less than that to have an apartment or to live a normal life. Unfortunately, medical costs are high in America, and most people aren’t able to foot that bill.

That’s where Medicaid comes in. Medicaid does cover certain costs associated with nursing home care and other medical care needs so long as you qualify. The complex nature of Medicaid applications and the steps it takes to qualify are why you need to start planning early and should work with your attorney to make sure you are prepared when you need it.

What happens if you don’t plan for Medicaid?

If you don’t plan for Medicaid, you could find yourself on the hook for costs associated with your care until you no longer have assets that exceed Medicaid’s limits. Medicaid requires you to “spend down” your assets to reach that limit, but there are ways that your attorney can help you protect assets, so you still have a legacy to leave behind to your heirs.

As of 2018, there were close to 75 million Americans enrolled in the Medicaid program. There is a chance that you will need it, too. Our website has more information about Medicaid, the ways that you can protect your assets if you are starting with estate planning and other information you need to make good decisions about your future care as you age. This can be a difficult topic, but having the right information will help you make good decisions that benefit you and your family.