What is Medicaid planning?

On Behalf of | Aug 18, 2020 | Elder Law And Nursing Home Issues, Medicaid Planning |

Many Williamsville area residents have had to take care of an older loved one or are nearing older age themselves. Those who have experience in this area understand how complicated elder care can be. An elderly person can need an extensive amount of care, much of it being quite expensive. Planning ahead for these expenses can be a good idea for many families. Medicaid planning is one way to ensure a loved one receives the care they need.

Most people, as they enter their later years of life, will need extra care. Planning ahead for how this care will occur can be smart. Medicaid is a government program that will pay for much of this care but there are strict asset and income limitations. Although most people think they won’t be able to qualify for Medicaid’s asset requirements, there are steps they can take to get there.

The best way to develop a Medicaid eligibility plan is to work with an attorney who specializes in estate planning before a person needs this care. They can help structure a person’s financial resources in a way that they will be able to qualify for Medicaid. Certain options that may be available can include trusts, asset transfers, convert assets into exempt assets, protect the family home and ensure a healthy spouse has adequate income if their partner needs more specialized care

Having a plan in place before a person needs specialized elder care can be important. Nursing homes, assisted living facilities and in-home care is incredibly expensive. Medicaid can help pick up these costs for those who have planned ahead.