You never know what the future holds, which is why Medicaid planning is such an essential tool for senior citizens who want to ensure that their healthcare needs are fully covered in the future. By working with an attorney who specializes in Medicaid planning, you can ensure that all potential “what if?” situations surrounding your future health are handled.
What is Medicaid Planning?
Medicaid planning uses all available legal tools to help you qualify for Medicaid in the future while still protecting your most important assets. Medicaid is a needs-based program, which means that you must meet specific requirements in order to qualify. Unless you want to run the risk of paying for your nursing home or retirement care out of your own pocket, you need to show limited income and few assets in order to qualify for Medicaid.
This can be tricky to accomplish, especially if you have worked hard your entire life to build a life savings and pass down a valuable estate to your children and grandchildren. Medicaid planning makes it possible to maintain that nest egg, leave assets to heirs, and still receive Medicaid coverage.
Prepare With the Five-Year-Look-Back Period in Mind
The longer you wait to handle your Medicaid planning, the more difficult it will be. All Medicaid applicants are subject to a “Five-Year-Look-Back Period,” which means that your acceptance into the Medicaid program hinges on whether you have transferred assets within the last five years. If you have, you will incur a Medicaid penalty and possibly be denied access to the program.
Overall, the Medicaid planning process is complex and demanding, so you need as much time as possible to complete the process. An elder law attorney like Attorney Kimberly K. Muenter in Tampa, Florida will help you transfer your assets in the strategic and timely way necessary to avoid problems with Medicaid’s look-back requirements. Attorney Muenter will expertly create your plan to meet your needs, align with all legal requirements, and ensure that your most important assets are protected. Call 941.567.1671 today to learn more.