Good Estate Planning is not only about assets and investments; it is also about covering another important aspect of our lives, our health. As they say, health is the first wealth
Usually, when we are young, we are so busy building our career and earning and income that we rarely consider how life would be without the ability to earn the same level of income. If we reach a point in our lives in which we are unable to work due to age or incapacitation, then our medical expenses and nursing home expenses might become the main focal points of our financial lives.
Medicaid also pays for some home health care, a significant portion of an Assisted Living Facility bill, and nearly 100% of a nursing home bill.
If you have any queries related to Medicaid Planning, kindly get in touch with the Victoria Law Group attorneys.
Top Questions For Medicaid Planning:
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Top 10 Questions For Medicaid Planning:
Medicaid Planning comprises a vast area of services offered by different professionals. In general, Medicaid Planning means “any required service provided to a potential Medicaid applicant in advance of and in preparation for their Medicaid application.” So, Medicaid Planning means assistance with the collection and preparation of documents or as complicated as a complete restructuring of one’s financial assets in preparation for receipt of the Medicaid benefit.
The reasons why one should engage in Medicaid Planning are:
- A family always wants the best treatment they can obtain for their loved ones, but long-term care can be very expensive, and everyone wants to ensure uninterrupted service.
- The eligibility for Medicaid can be highly complicated, and even a simple mistake can result in denial of benefits, which will cause a great loss to the health and happiness of the applicant, family members, and loved ones.
- The application process of Medicaid Planning is very time consuming. A professional Medicaid planner can save you precious time.
- To help ensure that the healthy spouse will maintain their lifestyle without a significant deterioration.
- To preserve the family’s assets for future generations.
If you are or your loved ones are not currently beset by a medical calamity, you are probably generally of the belief that you don’t have a requirement for Medicaid Planning. But we have all been made aware by recent events that random events can catch us “off guard”. The best way to be prepared is to stay prepared. Without advance or prior planning, many families find themselves stretched to their outer limits financially, and face the reality of financial ruin caused by nursing home costs or other long-term medical care costs.
There are many financial options, societal benefits, and professional assistants who may be able to provide some advice and support when considering Medicaid Planning. Depending on an individual’s characteristics, such as: age, state of residence, marital or Veteran status, there are many options to consider when contemplating long-term care. Such as include:
- Elder Law Attorneys
- Geriatric Care Managers
- Eldercare Financial Planners
- Public Benefits Counselors / Case Managers
- State Health Insurance Programs Counselors
- Insurance Agents
- Long Term Care Ombudsmen
Medicare is a federal insurance program for people who are above 65 years to pay for their hospital costs through deductibles and premiums for nonhospital expenses. On the other hand, Medicaid Planning covers the cost of a nursing home based on an individual’s financial ability in terms of both income and assets as of the application date.
The cost for Medicaid Planning varies between $5000.00 to $10,000.00 depending on which area of the United States you are residing. The cost associated with planning is relevant to the amount of income and assets one has, and other factors, such as marital status, life insurance, homeownership, and others.
Medicaid Planning usually covers nursing home care and for someone who is at home under specific waiver programs. It is a misconception that all the needs of nursing homes are paid under Medicaid Planning. It does not cover the basic needs such as a private room, telephone, television or radio, personal clothing, entertainment, dentistry, and eye care. So, it is always advisable to have an assistance plan in support of Medicaid Planning.
Usually, the pension amounts of Veterans are not enough to cover the entire cost of their long-term care. As Medicaid Planning covers long-term care, it advisable to have a Medicaid Plan for Veterans.
The Medicaid Planning process can be very complex, confusing, and frustrating. Someone who is not familiar with the system can easily get stuck.
Yes, Medicaid Planning is legal. In some states and even support by some State laws.