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Friday, August 16, 2019

What Is Medicaid Planning?

Long term care is very expensive. Many people who are over the age of 65 will need long-term care at a certain point. Fortunately, Medicaid will help pay for long-term care for some people. There are, however, strict asset and income limitations in place in order to qualify for the program. Medicaid planning, when properly executed, allows for the preservation of assets while still being able to qualify for Medicaid.

What Is Medicaid Planning?

If you have any home equity or retirement accounts, it is likely that you will not be able to qualify for Medicaid. The asset limits for an individual to be able to qualify for Medicaid are $2,000. While some assets will be exempt from the Medicaid eligibility calculation, many will still be included. Only certain amounts relating to the value of your home or your vehicle will be exempt. 

With the proper planning, you can not only preserve your assets and still qualify for Medicaid when the need arises. Without planning for Medicaid, you and your loved ones will likely have to pay out-of-pocket for long-term care costs such as nursing home expenses. This will quickly eat away any assets you may still have. Once you have lost enough assets and other financial resources, then you may qualify for Medicaid. Medicaid planning will protect your assets from this depletion through the use of things, such as asset protection trusts. By converting your assets into the types of assets that will not be counted for Medicaid eligibility calculation purposes, you will be protecting your assets while becoming eligible for Medicaid benefits.

There are look-back periods relating to qualifying for Medicaid, so time is of the essence for Medicaid planning purposes. Medicaid planning will help increase the likelihood that you will be granted participation in the Medicaid program. The Medicaid application is complicated and eligibility criteria are not only complex but strict. Minor errors may result in the denial of valuable benefits. Medicaid planning can help set things up for success long before there is even a need to receive Medicaid benefits. Securing Medicaid benefits can be a huge weight lifted off the shoulders of all family members.

Many people believe that they will never be eligible for Medicaid, but Medicaid planning can make it possible. With proper planning, a spouse may still be able to live comfortably at home while the other spouse gets the long term care they need with Medicaid benefits in place.

Medicaid Planning Attorney

Medicaid is an important program. It provides critical benefits to cover the often extreme costs associated with long term care. Consulting with Monk Law Firm regarding Medicaid planning means you are taking control of your future. Medicaid is too important to leave to chance or to push thinking about to the side until you actually need those kinds of benefits. Don’t wait. Contact us today.

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Monk Law Firm, PLLC assists clients throughout Charlotte, Rock Hill, Fort Mill and the surrounding areas.



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1701 First Baxter Crossing, Suite 101, Fort Mill, SC 29708
| Phone: 803-594-4453
13315 Carowinds Blvd., Suite Q, Charlotte, NC 28273
| Phone: 704-369-9977

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