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Medicaid is a complicated program to understand, but also one that is important to understand as it provides critical benefits to many across the U.S. It is a state and federal program that assists people with low income and limited financial resources with covering the costs of healthcare. While often confused with Medicare, Medicaid is a different program that provides coverage for healthcare costs of people of all ages with low income. It is also important to note that Medicaid provides benefits that Medicare does not. This includes providing coverage for long term care, such as nursing home care and personal care services. Most of us will need long term care services at some point in our lives and it is important to plan for such. By engaging in Medicaid planning, you can protect your assets while qualifying for vital Medicaid benefits to assist you with the cost of long term care.

What to Know About Medicaid Planning

While Medicaid eligibility varies slightly among states, it is important to remember that there will be eligibility requirements. Anyone applying for Medicaid benefits must be a U.S. citizen. There will also be asset and income qualifications to meet as Medicaid is a program designed for those with limited financial resources. Without proper planning, a person may have assets above the qualifying Medicaid amount. When this happens, their financial resources will be torn through by the ever increasing costs associated with long-term care. It is not until their financial resources have been burned through that they will then be eligible for Medicaid benefits.

Through Medicaid planning, you can protect your assets and qualify for Medicaid benefits should the need arise for you to get long term care. Your assets can then be used to supplement your lifestyle and continue to help improve your quality of life. It also means that you will likely still have assets to pass onto your loved ones after you die. Medicaid planning uses things like properly structured irrevocable trusts to help you qualify for Medicaid while shielding your assets from the costs of long term care. Medicaid has fairly robust long term care benefits. In fact, Medicaid will cover a portion of home-health care for those trying to remain in their homes. It will also cover a sizeable portion of Assisted Living facility costs at qualifying facilities and almost all of the costs associated with nursing home care.

Estate Planning Attorney

Many people are not aware of Medicaid planning until it is too late. Talk to the team at Verras Law about how you can protect your assets while also planning to qualify for Medicaid long term care benefits should the need arise, as it will for most of us. Considering the Medicaid lookback period, there is no time like the present to start taking steps in the Medicaid planning process. Reach out to our team as soon as possible. Contact Verras Law today.