Medicaid is something that Americans across the country depend upon in their old age. Healthcare has become increasingly expensive in recent times, and many people do not know what is going to happen with our nation’s future healthcare system. While generally, people do not like thinking about insurance, or about what requiring Medicaid inherently implies, there are several things you can do to make the process easier on yourself. This starts with creating an effective plan, which an experienced attorney can help you devise. If this sounds like something that works for your situation, please read on to learn more about Medicaid planning.
Should I plan for my Medicaid coverage?
You should begin planning for Medicaid eligibility at least 5 years in advance. Those determining whether you qualify for Medicaid will look at your asset history, and if you failed to prepare, you may face serious fines and other legal repercussions. You must also first establish a clear picture of your financial situation, ensuring you can maintain your funds for future planning.
How do I know if I am eligible to receive Medicaid in Maryland?
When Medicaid is administered by care providers who accept these benefits, it will cover the entire cost of assisted living facilities and nursing homes, which are both notoriously expensive. Since Medicaid is so inclusive, it follows very strict guidelines as to who it admits. Additionally, only individuals who have very few financial assets are generally eligible. However, in certain cases, with the help of an attorney, you can restructure your assets through financial planning to qualify for this coverage.
How can I restructure my assets to get Medicaid coverage?
To restructure your assets, you may do any of the following:
- Gift certain assets to family members or loved ones
- Create irrevocable trusts
- Transfer the title of the home to the beneficiaries who would receive it upon the decedent’s future passing anyway
- Pay off debts and mortgages
- Make repairs to your home
- Prepay for your funeral expenses
- Consult an attorney regarding any other potential financial restructuring method that may work for your specific situation
Contact our experienced Maryland firm
There is no such thing as planning “too much” for your future. Life is full of uncertainties, so you must do what you can to ensure you will be well-taken care of when you need it most. Do not hesitate to contact one of our compassionate and knowledgeable Medicaid planning attorneys.
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.