Most seniors require long-term care at some point in their lives. This care can be very expensive and Medicare does not provide coverage for all services. Medicaid planning provides a means for seniors to protect their assets by legally reducing their income to qualify for Medicaid coverage.
Should you consider Medicaid planning?
Reasons for Medicaid planning
The primary goal of Medicaid planning is to increase your chance of gaining acceptance into the Medicaid program. There are multiple reasons a family might consider Medicaid planning:
- Ensure loved ones can obtain long-term care that they would otherwise be unable to afford
- Speed up the application and review process
- Avoid errors that can lead to a denial of benefits
- Protect family assets from Medicaid’s estate recovery program
- Enable a healthy spouse to continue to have the financial resources to live at home
When to start planning
The best time to begin planning is before you need assistance. Otherwise, out-of-pocket costs for nursing homes or other long-term care can quickly deplete your assets while you are waiting to get approved for the program. A Medicaid planner can help you protect your assets, while also enabling you to qualify for Medicaid when you need it.
Few people want to think about what happens when they require long-term care for a serious illness or aging-related condition. However, planning for this potential expense is an essential component of protecting your assets, maintaining your qualify of life and ensuring your spouse and children are not financially burdened by the cost of your healthcare.