Health care is vital to have to ensure that we have the proper insurance coverage if we need to go to a doctor. However, it can be very expensive. In today’s age, people are finding that health care is growing more expensive and that it may not provide coverage of many options. This can be difficult for elders to maintain as they experience the deterioration of their health that comes with old age. As people grow older, it is basically assumed that they will have more health concerns. Their age gets to an age where they may be unable to live alone due to physical restrictions. Elders need to know they are taken care of before they get to this stage of their lives.
To be eligible for Medicaid, elders should consult with an attorney. They may be eligible if they have very few financial assets. This type of medical coverage can be strict. It provides full coverage of health care and can often cover the cost of assisted living facilities and nursing homes. Due to this, many elders may opt to choose this form of health care. It can be more beneficial for them.
Can I restructure my assets?
If individuals wish to acquire Medicaid, they may have to restructure their assets to obtain Medicaid coverage. They can do this by following a few practices. These individuals can gift their assets to loved ones, including family members or friends. They can create irrevocable trusts that can also give away their assets. By transferring the title of their home to beneficiaries that would receive it upon their debt, they can restructure their assets. This can show that they have few financial assets, which is a requirement of obtaining Medicaid coverage. These individuals can also pay off their debts and mortgages. They can make repairs to their home, prepare for funeral expenses and use other methods to spend their assets. By spending their assets, it can show smaller financial responsibility. When individuals wish to do this process, they will have to plan and accomplish it in advance. They cannot simply give away all their assets then apply for Medicaid. They should plan more than five years in advance to ensure they meet the eligibility requirements.
The attorneys at JD Katz have years of experience compassionately guiding clients in Maryland through the estate planning and administration process. Our firm also has experience with matters of elder law, business law, tax law, and litigation. For a legal team that will put your needs first, contact JD Katz today.