Planning for the use of Medicaid is a critical step for senior citizens who want to ensure that their health needs are covered in the future. By planning for the potential of nursing home care long before it becomes an issue, older Americans can rest in the comfort of having all of their bases covered.An Introduction to Medicaid
Medicaid is a medical assistance program run jointly between the federal and state governments to help low-income, disabled, and senior citizens access healthcare. The Medicaid program pays more nursing home bills than any other payer in the country, and it has become a last resort for Americans who have no other assets available to afford long-term medical care.
In order to qualify for Medicaid, a person must meet state-specific criteria regarding medical status, functional abilities, and financial need.
What Exactly is Medicaid Planning?
Medicaid planning serves to help older Americans determine whether they can qualify for Medicaid if and when the need arises. It also helps those senior citizens understand the different exemptions available to qualify despite assets like a family home or trust. If a person or couple does not qualify for Medicaid, Medicaid planning devises a plan of action to legally juggle finances in order to ultimately qualify.
Overall, the goals of Medicaid planning include sheltering countable assets, carefully saving assets to be passed down to loved ones and other beneficiaries, and ensuring the other healthy spouse is financially stable.
How Does Medicaid Planning Help?
Given the extreme costs involved in long-term medical care, families without a comprehensive plan are more likely to burn through all of their assets attempting to keep up with medical bills. Every senior citizen deserves the best care, not just mediocre care due to a lack of funds.
In addition, Medicaid eligibility is incredibly complex. Any senior citizen is bound to make mistakes, and Attorney Muenter can provide the necessary guidance to avoid errors and ensure that the process goes as quickly as possible. This is especially important if someone’s health has reached a dangerous turning point that requires swift action.
Furthermore, proper Medicaid planning will ensure that, in the case of a married couple, the healthy spouse can maintain the financial resources and independence to live at home while the sick spouse receives the care necessary. By protecting as many assets as possible, a person’s or couple’s achievements in life don’t have to be ripped away for the sake of making medical payments. The next generation can benefit from the assets passed down to them by their parents who planned properly for Medicaid coverage.