Medicaid is a joint federal and state program available to individuals who meet certain asset requirements that help them pay for long-term care costs. Long-term care often creates devastating financial impacts on Americans, especially the elderly and disabled, and for those family members who lose hours of income while providing care for their loved ones. The Medicaid system is still one of the best options to afford long-term care. Crisis Medicaid planning is a strategy that can help you qualify for Medicaid without experiencing financial ruin.Thank you for reading this post, don't forget to subscribe!
As a joint federal and state social safety net, Medicaid differs by eligibility rules and regulations in every state and even county. Unfortunately, people often wait until a catastrophic event brings about sudden illness, disability, or other medical crises before planning for long-term care. This may result in a need for crisis Medicaid planning. Under duress, a family might listen and take advice from misinformed individuals, such as non-attorneys or attorneys who do not practice elder law. Perhaps unwittingly, these people tend to give the worst advice: spend everything you have until you qualify under the Medicaid eligibility rules. Though this approach can work there are far better strategies that can be employed without bankrupting the applicant.
With the help of a good elder law attorney, crisis Medicaid planning allows you to qualify for Medicaid nursing home/long-term care without spending down all of your life’s assets.
Working with an elder law attorney to devise a personalized crisis Medicaid plan is a logical and financially prudent approach to long-term care and allows your loved one to use legally approved strategies to qualify for Medicaid before spending everything you have on the high cost of nursing home care.
If you have a loved one who is either in a nursing home or about to enter a nursing home, that is the time to speak to an elder law attorney. There are legal strategies that allow a person who needs long-term care to divest themselves of some of their assets, and use the rest to pay for their care until Medicaid eligibility is met. You also need advice on which if any assets may be excluded or not count against the applicant for Medicaid qualifications. The sooner an elder law attorney is employed, the quicker a crisis Medicaid plan can be designed. However, it is never too late, even if you or a loved one are already residing in a nursing home.
The level of complexity involved in crisis Medicaid planning makes it necessary to retain an elder law attorney, preferably one specializing in Medicaid planning.
Eligibility requirements vary, calculations are complex, timing is crucial, forms are ever-changing and laws are amended. An elder law attorney can tailor your financial situation to the best crisis Medicaid planning options to protect your financial future.
Please give us a call so that we can assist you.