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Involve a professional during Medicaid planning

On Behalf of | Aug 18, 2021 | Medicaid Planning | 0 comments

Most people overlook the need for planning for long-term care. Unfortunately, the problem with this kind of thinking is your health can change, especially as you advance in age. No one can project how their health will be in the future. That said, nearly two-thirds of folks above 65 require some form of long-term care.

Even if you are in the best of health right now, you still need to consider Medicaid planning. Most people do not realize it, but the need for long-term can be occasioned by a number of factors. For instance, you can get involved in a car wreck and suffer a catastrophic injury as a result. This can prompt the need for long-term care of some sort.

So what is Medicaid planning?

Medicaid planning is part of long-term care planning. Medicaid planning can protect your assets from the threat of costly long-term care.

Medicaid eligibility can be complex as the rules keep changing. Besides, Medicaid laws vary from state to state. Also, Medicaid application time can be confusing since the review process tends to be lengthy. A Medicaid planner can do the heavy-lifting by getting the documentation you need for a successful application in order. They will also review your application prior to submission, thus boosting your chances of getting a positive outcome.

Protect your assets

The right Medicaid planner will help you create trusts, manage asset transfer and convert countable assets into exempt assets to ensure eligibility while preserving your resources. A Medicaid planner can help protect your home or assets from Medicaid recovery.

Whether it is home care or facility-based care, long-term care can be costly. Medicaid planning ensures that you plan ahead and avoid depleting your funds in long-term care. Working with a Medicaid planner can help you strategize how to qualify for Medicaid without paying through the nose.