Financial Planning 101: Why Medicaid Planning Matters Now

Long-term care is an expense everyone should consider as part of their retirement planning. With the average nursing home in Kentucky costing $7,330 per month, you want to know that your expenses will be covered by Medicaid, insurance, or another source of income. Elder Law Lawyers is here to help you navigate the Medicaid planning process and answer any questions you may have.

Our 3-Step Medicaid Planning Process

Whether you’re a current recipient or simply want to learn if you’re eligible for Medicaid, working with a Medicaid planning lawyer can help you save money and secure your future. While the process may seem complicated, a knowledgeable professional can make it easy for you. At Elder Law, our Medicaid planning process involves three easy steps. 

1. Assessment

The first step in Medicaid planning is a detailed assessment of your circumstances. Typically, most individuals applying for Medicaid are over the age of 65, have limited income or assets, have a disability that requires long-term care, or their spouse or dependent does. Your attorney considers these circumstances when creating your Medicaid plan. 

This plan can include various strategies like trusts, annuities, transfers, and exemptions. They will also assess income limits and secure Medicaid eligibility through tools like qualified income trusts (QITs). If you have a relationship with a financial advisor, your attorney can collaborate with them on this step of the process as well to find a way to pay for your long-term care.

2. Implementation 

Once your needs have been assessed, it is time to implement your Medicaid plan. Your attorney will prepare and submit your Medicaid application along with any supporting documentation. Throughout the process, they will do their best to help you understand Medicaid eligibility rules and how exactly they impact you. They will also keep you informed of any updates on your application.

3. Support

Medicaid planning doesn’t end when your application is submitted. While rare, you may need an attorney to represent you in any issues or appeals that arise with Medicaid. Also, if your circumstances change, they can update your plan to reflect this. Regardless of whether you qualify for Medicaid, it is always a good idea to have an attorney available to answer any questions you may have. 

Frequently Asked Questions About Medicaid Planning

Navigating Medicaid benefits and long-term care can be confusing, but it doesn’t have to be. The team at Elder Law Lawyers is willing to answer any questions you may have about this important step in your retirement plan. Here are some common questions we hear from clients about long-term care and Medicaid Planning. 

1. When should I apply for Medicaid?

In the case of long-term care planning, you should apply for Medicaid a few months before you expect to run out of money to pay for your care. Otherwise, when your healthcare expenses surpass your income, whether due to poverty or disability, you may qualify for Medicare. An attorney can advise you on the best time to do this and help you complete the application process. 

2. What are the benefits of Medicaid planning?

There are many benefits of advanced Medicaid planning, including:

• Saving money on long-term care
• Qualifying for assistance without diminishing your assets
• Accessing care in the setting of your choosing
• Protecting your partner’s income
• Maintaining your standard of living
• Ensuring your estate is distributed as you intend it to be
• Avoiding family conflicts or legal disputes

Regardless of your circumstances, if you want to know how Medicaid planning will benefit you in your specific situation, consider consulting with an attorney.

3. Can I appeal Medicaid’s decision about my application?

Yes. If you were found to be ineligible for Medicaid and disagree with this decision, you can file an appeal. A Medicaid planning attorney can help you through this process or any other related to your application. 

Plan for the Future

You may think it’s too soon to start planning for long-term care, but that’s far from the truth. Medicaid planning helps you prepare for the possibility of needing long-term care in the future. Contact Elder Law Lawyers today to get started.

Start Your Medicaid Planning in Lexington & Northern Kentucky With Elder Law Lawyers

Don’t put off Medicaid planning! The sooner you do it, the more financially prepared you will be for the future. When you’re ready to start this process, Elder Law Lawyers is here to help. Contact us online or call us at 859-543-0061 to get started today!