Medicaid Planning Attorney in Bethesda, Maryland
As many people age, they become worried about the cost of long-term healthcare. Healthcare has become notoriously expensive and unfortunately, there is often a correlation between old age and a greater number of health concerns. Of course, it is no surprise that a large number of aging adults are concerned about their ability to pay for their own healthcare in the future. It is very important for adults to plan for their future well before it becomes an issue. One of the major components that should be considered as you plan for the future includes how you can protect your assets and minimize the financial burdens of health care in the future. When it comes time to think about Medicaid eligibility, it is important to consult an experienced elder law attorney to ensure that you are able to successfully navigate this often confusing process. The attorneys at JD Katz are ready to help you plan for the future when it matters most. Contact our firm today.
Eligibility for Medicaid
There are many ways for residents of Maryland to pay for their healthcare needs in the future. Some of these include an individual’s private funds, private insurance coverage, veteran’s benefits, Medicare, and Medicaid. Medicaid is one of the options that is chosen quite often because it covers the entire cost of health care when it is administered by care providers who accept these benefits. In addition to providing medical care coverage, Medicaid also covers the cost of assisted living facilities and nursing homes, which can be very expensive. Due to the fact that Medicaid provides so much coverage, it comes with very strict requirements regarding those who are actually eligible to receive these benefits. Typically, only those individuals who have very few financial assets are eligible for this type of coverage. However, individuals who are able to restructure their assets through financial planning may be able to qualify for these benefits, so it is important to consult with an experienced elder law attorney.
Restructuring Assets for Medicaid Coverage
As stated, many people are able to meet the demands of Medicaid eligibility by restructuring some of their assets. Some of the ways that this can be done may include the following:
- Gifting certain assets to family members or loved ones
- Creating irrevocable trusts
- Transferring the title of the home to the beneficiaries who would get it upon the decedent’s future passing anyway
- Paying off debts and mortgages, making repairs to one’s home, prepaying for funeral expenses, and other ways of spending assets
Why is it important to plan for Medicaid years in advance?
It is always important to plan for the future well before it is necessary. This includes planning for Medicaid eligibility, especially because those who determine whether an individual is eligible will look back at their asset history. Therefore, it is very important to plan for Medicaid eligibility more than 5 years in advance. There are situations where individuals who fail to plan early enough face serious fines and other repercussions. Of course, it is also important to ensure that you are able to maintain your funds so you plan for the future.
Contact a Maryland Medicaid Planning Attorney
When it comes time to think about your future, it is important to consider all possibilities. Medicaid planning is no different but it is important not to dwell on the matter for too long. Talk to an experienced Medicaid planning attorney at JD Katz today to discuss your situation and see what our firm can do to help.