Why Medicaid Planning is Important
After saving money for a lifetime to retire, the last thing you want is to spend your entire life savings on elder law attorney can help you determine the best strategies for protecting your assets from a Medicaid spend down.. While Medicaid covers the cost of nursing home care, you’ll need to be aware of income and asset limits to become eligible. Thankfully, an
Continue reading to learn how Medicaid insurance works and why you should start retirement planning today. Our attorney can help you protect the bulk of your estate before you apply for Medicaid to avoid spending down your assets.
What is Medicaid?
Medicaid is a government program that offers financial assistance to people with low incomes or disabilities. People who are age 65 and older also qualify for Medicaid benefits, which help pay for certain medical expenses. Since Medicaid benefits vary by state, you’ll need to check with the Michigan Department of Health and Human Services to determine your coverage.
Medicaid benefits include:
- Nursing home care
- Home health services
- Transportation to medical care
- Inpatient hospital services
- Outpatient hospital services
- Laboratory and x-ray services
If you plan on using Medicaid to pay for nursing home expenses, you’ll want to first make sure that the facility you choose accepts. While most nursing home facilities accept Medicaid, you’ll want to make absolutely sure before being admitted.
Why is it important to be eligible for Medicaid?
Medicaid is important because it covers the gap between the cost of nursing home care and what you have saved for retirement. In 2011, the average cost of a private room in a nursing home was $236 a day.
Since few people invest in long-term care insurance, they often have to spend through their retirement savings to pay for nursing home care. Keep in mind that you’ll only become eligible for Medicaidonce you fall below the income and asset limits.
What is Medicaid planning?
Medicaid planning is about planning ahead to make sure you are able to cover the costs of nursing home care without spending down all of your assets. If you or a loved one has recently been admitted to a nursing home, you can’t afford to wait to schedule an appointment with a Medicaid planning attorney. An elder law attorney can help you save the maximum amount of money possible that will still give you eligibility for Medicaid.
Who can help me with Medicaid planning?
A Medicaid attorney has the necessary experience to make sure you make a solid plan for retirement. They will be able to help you set up strategies for protecting your assets from nursing home spend downs so that you don’t have to get rid of all the assets you spent a lifetime to build.
Our Norton Shores Medicaid attorney is dedicated to helping clients just like you apply for Medicaid and understand how it affects retirement planning. To schedule your consultation with Medicaid attorney Douglas H. McPhail, call (231) 799-4994.