Why Your Family Should Plan in Advance for MedicaidLacey Lyons Rezanka can assist with family Medicaid planning, which can encompass a variety of services, ranging from advising on documents to restructuring your financial assets. Most of the issues surrounding elderly Medicaid planning occur when your monthly income or finances exceed eligibility limits. If your income exceeds these limits, we can analyze your assets and recommend converting them into Qualified Income Trusts or Miller Trusts. Any financial resources that exceed those limits can then be converted into non-countable assets. Converting assets so you can be eligible for Medicaid requires legal advice, and not all states allow excess income to be in a trust. Additionally, if your spouse requires long-term care, yet you can live independently, there are challenges as far as how your income and assets are divided. Engaging in Medicaid planning helps to ensure that you have the best possible acceptance into the program. Since preparing for Medicaid can be a lengthy process, you must prepare well in advance before the actual need for medical care arises. If you do not, you could face long-term out-of-pocket care and nursing home costs, potentially until your financial assets run out. Advance preparation can help ensure that your assets are protected while you qualify for Medicaid.
Medicaid Benefits in FloridaHere are some of the benefits of receiving Medicaid:
- Long-term care can be costly, and many people cannot afford these costs.
- Medicaid eligibility is complicated, and one small error can result in a denial, which can hinder your ability to procure caregivers and medical assistance.
- The Medicaid application and review process is lengthy, which is why working with an attorney can help accelerate this process and make sure that your financial assets are covered in a favorable light when Medicaid reviews your eligibility.
- If a healthy spouse lives at home, you want to ensure that they have the necessary financial resources to continue living their lifestyle.
- Medicaid can help mitigate expensive care fees, which means that your family could still inherit some of your limited assets upon your death.