Medicaid attorneys can help you to ensure you are able to get care you need without having to spend your entire life savings. Eghrari Wealth Training Law Firm will help you to evaluate your specific situation in order to determine if you need a Medicaid plan. If you need a plan to get covered by Medicaid, we can help you through the process of creating your customized plan and taking steps to protect your hard-earned assets.
To find out more about what is involved in Medicaid planning, why it is so important, and what your plan should include, you can give us a call at any time to speak with Medicaid attorneys who will provide you with personalized advice. You can also read on to learn five key things that attorneys wish you knew about the Medicaid planning process so you could avoid the potential for loss and get the right plans in place when you need them.
Medicaid May Be Your Only Source of Coverage for Nursing Home Care
Many people don’t realize that nursing home care is not typically covered by Medicare or by private insurance. While Medicare pays for skilled nursing care under limited circumstances, the type of care most people need when they move to a nursing home is custodial care and that is never covered by Medicare. Medicare also won’t pay for most routine long-term care provided at home.
Because Medicare and private insurance won’t pay for a nursing home, you may decide to look into long-term care insurance to ensure there is money available if you require care. Unfortunately, these policies often have coverage limitations that make them an impractical solution or they have premiums that become too expensive as you get older.
Since neither a long-term care insurance policy nor Medicare are viable solutions for getting nursing home care covered for most people, Medicaid could be the only option available to you. This means if you don’t make a Medicaid plan, you could face serious financial hardship.
Medicaid Planning Should be Done Long Before You Need Care
You may think you can wait to make your Medicaid plan until you get older or actually need nursing home care. Unfortunately, this is probably a bad idea. There is a five year lookback rule that applies when you try to get Medicaid. If you have transactions in the five years before the time you need Medicaid which involved giving away assets or transferring assets for less then fair market value, you’ll be temporarily disqualified from getting Medicaid coverage. While an attorney can help with crisis planning to protect as much of your wealth as possible if you need Medicaid soon and don’t already have a plan in place, it is better to act long before you need care.
Medicaid Can Help Subsidize Medicare Costs
In addition to covering nursing home care costs which Medicare won’t cover, Medicaid can also help seniors in other ways. If you have limited income, Medicaid could pay your Part B premiums, and in some cases could also pay for prescription drug costs and Medicare Part B coinsurance costs.
Not All Trusts Protect Your Assets and Ensure You Can Get Medicaid
While many people think their assets will be protected if they make a living trust, this is not the case. Assets held within a living trust can still count towards determining Medicaid eligibility so if the value of assets in the trust is too high, you won’t be eligible for Medicaid coverage.
You Should Get Professional Help With the Medicaid Planning Process
The Medicaid planning process can be complicated and the stakes are very high if you make a mistake and think your assets are protected when they really aren’t. Don’t put your wealth at risk by not getting the right legal help.
Contact Medicaid Attorneys Today for Help
When you are ready to make your personalized Medicaid plan, you need to work with an experienced attorney who can provide the help and support that you need. Eghrari Wealth Training Law Firm will assist you in determining if Medicaid planning is right for you and will help you to make effective use of the right legal tools to keep your wealth safe and secure. You have worked too hard to build up the nest egg that should serve as your legacy and you want to ensure you do not jeopardize all that you have worked for just because you end up getting old and sick and needing nursing home care or long-term care at home.
You should reach out to Eghrari Wealth Training Law Firm as soon as possible to get the Medicaid planning process underway before it is too late to take steps to protect your assets. To find out more about how our firm can help you, join us for a free seminar. You can also give us a call at (631) 265-0599 or contact us online at any time to speak with a compassionate and knowledgeable member of our legal team.