What To Do When Thinking Of Medicaid Planning

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Long-term medical care continues to be a stressful exercise for the more than 7 million older people who need the service. The burden trickles down to their families, causing substantial financial struggles. 

Medicaid planning enables families to adequately make adjustments to make the elderly eligible for Medicaid when they need it. Why should you consider Medicaid planning?

  • Medical care costs are expensive, considering that 70% of adults aged 65 years and above will develop some medical issues needing long-term health care and support. 

  • You'll be able to give your loved ones the healthcare they need but couldn't afford 

  • It will protect the financial status of the healthy spouse

Medicaid eligibility can be complicated; therefore, Medicaid planning should start early with a skilled planner. The type of Medicaid you choose will depend on your age, health, financial status, state of residence, marital and veteran status. 

Medicaid planning involves multiple services given by different professionals and sometimes volunteers. It's essential to work with a Medicaid planner to enable you to qualify quickly. Medicaid planners have the skills and experience needed to bring together the other professionals required to make the process work. 

Although some people may qualify for free Medicaid assistance, it's essential to work with a professional Medicaid planner. What will you gain?

Help with the Eligibility Process

If your countable assets are low, you might not need to hire a Medicaid planner, although working with one gives you a less stressful process. People with more assets need advice on which investments will be counted.

Also, note that rules keep changing; therefore, a Medicaid planner is best suited to handle the process. When working with one, you'll also realize that you can't transfer your assets to a relative to qualify for Medicaid. There is a set look-back period. Financial transactions during the period will be checked.

The Medicaid planner will let you know the exemptible amounts for each type of asset, including your car and home. 

Avoid Costly Mistakes

Any mistake during the qualification process can lead to the cancellation of your eligibility. Such mistakes as transferring all assets to relatives are avoidable as the Medicaid planner seeks alternative ways to help you qualify without contravening the set regulations.

The process can be long and complex, especially when you don't understand it. The more time it takes to qualify, the more you'll pay healthcare bills from your own pocket. 

Starting the process early before you need any medical aid gives you more options and time to qualify. You'll also adequately prepare for any medical assistance you'll need in the future.  It's also good to note that Medicare doesn't generally take care of long-term services and support.