There is no denying the fact that nursing home care is costly and expensive. When a person requires skilled and professional medical care, the family may consider admitting the person to a nursing home. A majority of times, seniors don’t have enough resources to take care of the costly medical bills or get medical treatments. Even if a person has acquired wealth over the period, medical expenditure can chew away their hard-earned money. If you or your aging parents are having a hard time managing their medical expenses, it might be the best time to look for ‘Medicare lawyers near me.’ Medicare benefits allow a person to take care of necessary medical health care.
Medicaid Planning consists of several moving parts. Besides this, various laws regulate the process of Medicaid planning. Since many factors affect Medicaid planning, a lawyer familiar with elder law, tax law, and estate planning law is most suitable to handle such cases.
In this blog, we have listed down some essential aspects of the Medicaid plan.
• Medicare Planning will keep you covered from the long-term medical expenditure.
For individuals and families, Medicaid planning can prove significantly valuable. It’s hard to see our parents’ hard-earned money and assets dissolving quickly. What is more problematic is managing exorbitant medical costs. If you wish to prevent your hard-earned money and assets from drying out on medical care, Medicaid care will help keep you covered from long-term medical expenses.
• Understand the eligibility for Medicaid Planning
Specific laws require that a person seeking Medicare coverage can’t possess more than $14,400 in countable resources. In some instances, assets like home or investment accounts and retirement accounts are not considered countable assets.
When determining a person’s eligibility for Medicaid coverage, the law uses the ‘look back’ approach. The law first assesses the past five-year people of the applicant from the date of filing a request. The authority can check the trusts you have made, gifts you have received or given, money place in the trust, etc. The finding can also determine how much Medicaid coverage you are eligible for.
• Medicaid Planning is a complex process
Like estate planning, Medicaid planning is a complicated process. For a layman, understanding the complexities of Medicaid planning can be challenging. To prevent any missteps when creating a Medicaid plan, you should hire an elder care lawyer who can guide you through the process. It’s essential that you hire a lawyer familiar with all the aspects of Medicaid Planning and aware of the changing laws that affect elder medical care. Without proper legal guidance and advice, you are more likely to commit mistakes that can jeopardize your finances.
For instance, the type of trust you have and the timing of gifting can significantly impact your Medicaid planning eligibility. When determining an applicant’s eligibility, the gifts made to irrevocable trusts are considered the same as regular gifts. However, if you have an irrevocable trust, the assets under the trust will be exempt from a person’s countable assets once the five-year time is over.