Smithtown Medicaid attorneys can help you with the creation of a Medicaid plan. Making a Medicaid plan is vital to ensure that you are able to get care you need without having to pay for it out of pocket and impoverish yourself. Unfortunately, many people do not realize how important it is to make a Medicaid plan. It’s a common misconception that you won’t need any other insurance coverage once you turn 65 and get Medicare, so it’s not surprising that too few people create a Medicaid plan. Unfortunately, if you don’t put your plans in place, it may be too late for you to get the coverage you need when a medical issue arises.
Mark S. Eghrari & Associates, PLLC can help you to determine if you should create a Medicaid plan given your particular personal and financial situation. If making a Medicaid plan is the right course of action for you, our Smithtown Medicaid attorneys can help you throughout the process of creating a plan to get qualified for Medicaid while still protecting your wealth. To find out more about how our firm can help, give us a call today.
Why You Need a Medicaid Plan Even if You have Medicare
There are many important reasons why you need a Medicaid plan even if you have Medicare coverage. It’s important to make a Medicaid plan because:
- Medicare does not necessarily cover everything you need: There are many limitations on what Medicare will pay for in terms of healthcare services. Some of the things that Medicare will not pay for, Medicaid does cover. Paying out of pocket for medical products and services not covered by Medicare can be cost-prohibitive to seniors, and Medicaid could help older people with high care needs to avoid financial struggles caused by illness.
- Medicare pays for nursing home care only if you require skilled nursing care: Most people who need nursing home care need custodial care. Custodial care is basic routine help with activities of daily living. Medicare won’t cover this kind of care at all, and it’s very expensive. Medicare also does not cover long-term care at home when people just need basic help with activities of daily living. If Medicare won’t cover this care and it’s essential, you’ll have to pay out of pocket for it unless you qualify for Medicaid.
- Getting care is still expensive if you have Medicare: Medicare does not mean free healthcare. There are premium costs that must be paid for Medicare policies, and there are coinsurance expenditures for many kinds of care as well. Between coverage limitations and other costs, senior couples on Medicare could need as much as $370,000 saved if they have a lot of prescription drug use and want to ensure they are able to afford their care. Most people, unfortunately, don’t have this much money and end up spending their legacy to try to pay for medical care.
Avoiding major financial loss is a key reason why it can be so important to get Medicaid coverage. However, Medicaid is means-tested and there is an asset test so if you have too much wealth, you cannot get covered until you’ve impoverished yourself. Working with an attorney is about making sure your wealth is protected and your assets don’t disqualify you from Medicaid so you can take advantage of benefits while still leaving a legacy for loved ones.
Getting Help from Smithtown Medicaid Attorneys
Smithtown Medicaid attorneys at Mark S. Eghrari & Associates, PLLC can provide personalized help with the creation of your Medicaid plan. Our firm can work closely with you to identify the risks to your wealth that could occur if you become seriously hurt or sick. We can help you to develop the right solution to protect your money and assets so you can leave a legacy even if you have serious health issues during your golden years.
To find out more about the ways in which our firm can help with the Medicaid planning process and to get started on your personalized plan to ensure you can get Medicaid when you need it, give us a call at (631) 265-0599 or contact us online. You can also join us for a free seminar to learn more about Medicaid planning and the other services we provide. Reach out today to get an advocate on your side so you can start making effective use of legal tools to protect yourself and the people you love.
Latest posts by Mark S. Eghrari, Estate Planning Attorney (see all)
- Top Reasons Your Heirs Would Prefer Trust Administration to Probate - April 19, 2018
- Smithtown Estate Planning Lawyers Explain Key Reasons to Make Advanced Directives - April 17, 2018
- Elder Law Attorneys Can Help You Decide When to Retire - April 12, 2018