Medicaid lawyers at Eghrari Wealth Training Law Firm will help you to ensure that you are prepared for costly care that you may require as a senior. Many people do not realize that Medicaid could be an important and perhaps even an essential source of insurance coverage as they get older. You may come to rely on Medicaid to cover care that Medicare and other insurance will not pay for — and if you cannot gain access to Medicaid when you need it, this could cause you to experience serious financial hardship.
Eghrari Wealth Training Law Firm will provide personalized advice on Medicaid that takes your own specific situation into account so you can make an informed decision on whether you are likely to need Medicaid coverage. We can also help you to go through the process of making a Medicaid plan that will provide the protection for your assets that you need. To learn more about the ways in which our Medicaid lawyers can help you, give us a call today. You can also read on to learn about some of the top mistakes that Medicaid lawyers can help you avoid.
Waiting too Long to Make a Medicaid Plan
Many people don’t realize they need to make a Medicaid plan or they think they have plenty of time before they need to make their plans. In reality, there is around a 70% chance you will need nursing home care once you’ve reached the age of 65 according to the Wall Street Journal. You may be younger than you think when you end up needing this care as you never know when a serious medical issue will arise. If you have not put a Medicaid plan in place in advance of the time when you need care, you may be unable to fully protect all of your assets and you may lose your ability to leave the legacy that you desired.
It’s also important to realize that you likely need to act long before you need Medicaid because there is a five year lookback rule in place. If you transferred assets within five years of the time you try to become eligible for Medicaid, you could be temporarily unable to obtain coverage.
Taking Actions That Result in Temporary Disqualification from Coverage
Not understanding the five year lookback rule is one of the biggest mistakes people make when trying to protect assets in circumstances where they end up needing Medicaid to cover them. The problem is, when you find out you will need nursing home care soon and discover how expensive it is, you may become very worried about how those costs will be paid for. Since Medicare and private insurance won’t pay and most people can’t afford long-term care policies that provide comprehensive coverage, you’ll probably find yourself facing a situation where you are looking at paying for nursing home care out of pocket.
Since nursing home care is so expensive, you’re looking at the prospect of losing your life savings quickly. In these circumstances, it’s natural to want to transfer assets to loved ones. Unfortunately, by doing so, you could end up inadvertently triggering a period of disqualification equal to the value of transferred assets divided by the average monthly cost of a nursing home in your area. You don’t want to end up disqualified from getting Medicaid benefits you need to pay for nursing home, so should work with an experienced attorney to get help making a plan.
Using the Wrong Legal Tools to Try to Become Eligible for Medicaid
Many people mistakenly think a living trust will protect assets in case you need Medicaid, but this is not the case. Don’t make a mistake and use the wrong asset protection tools only to find out too late that your wealth is vulnerable to being lost.
Getting Help from Medicaid Lawyers
Medicaid lawyers at Eghrari Wealth Training Law Firm are here to provide the help that you need as you make a comprehensive Medicaid plan. We know the laws on Medicaid inside and out and we can help you to make effective use of legal tools to ensure you are able to get Medicaid to cover essential care without having to lose all of your hard-earned assets.
To find out more about the ways in which Medicaid lawyers can help you with a wide variety of legal issues related to Medicaid, give us a call at (631) 265-0599 or contact us online. You can also join us for a free seminar to learn about making a Medicaid plan and about all of the other services our firm provides as you plan and prepare for your future. To get a dedicated legal advocate on your side to help you prepare for whatever like brings your way, give us a call today.