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Medicaid Planning

Medicaid planning is a very important part of planning for long-term care when you will no longer be able to care for yourself. Medicaid is a government program designed to provide long-term institutional care for residents of the United States, such as nursing home care. For all intents and purposes, it is a sort of “insurance policy” to ensure that you will receive the care you need, even if you can’t afford it. The Medicaid program provides health insurance coverage to low-income children, seniors and people with disabilities, including nursing home care for those who qualify.

All retirees who receive Social Security benefits will automatically receive Medicare for their health insurance, regardless of other income. However, Medicaid is different—it is a form of welfare, so to be eligible for Medicaid you must be considered “impoverished” under the guidelines of the program. Medicaid is a jointly funded federal and state program. Each state operates its own Medicaid system, but the system must fit the federal government’s strict guidelines in order for the state to get federal money, which covers about half the cost of the program for each state.

Medicaid eligibility rules are slightly different in each state and keep changing from year to year. If you are Medicaid planning, it is a good idea to consult with a Medicaid expert for your state to make sure that you understand all the rules and requirements for eligibility.

It is always a good idea to consult with a qualified Elder Law attorney, even for the simplest Medicaid planning. The cost of the legal fees will certainly be worth it if you get the peace of mind of knowing that you are ready for the worst. It’s best to do this sooner, rather than later, as you never know when you might have to go to a nursing home unexpectedly. What you will learn about Medicaid planning from your attorney can mean great financial savings down the road.

To learn more about Medicaid planning, follow the links below:

Long Term Care
Explains what long-term care is and discusses a few things you can do to prepare yourself for long-term care you may need down the road.

Long Term Care Insurance
Learn here about the cost of long-term care insurance, as well as who needs it and what it can do for you.

Elder Law Attorneys
This article discusses what an elder law attorney is, as well as what one can do for you, and why you might need one.