Medicaid planning is a term used for getting assistance with the qualification for Medicaid benefits to pay for long term care. It focuses on assistance through the complex application process and it may include protecting assets for the individual if feasible.
Often times families may not look into Medicaid planning because they have heard many of the myths of Medicaid. Medicaid qualification does have certain asset and income requirements. An individual is allowed to engage in planning options in order to meet the requirements and have assistance in paying for their long term care. Planning options may include protecting assets or utilizing a spend-down. Gifting can have an impact on the Medicaid application. It is important to work with someone who will explain all of the options to the individual and their family. An individual who is receiving assistance NEVER receives a differing quality of care.
Medicaid assistance is available for:
Medicaid planning often allows an individual to protect assets as part of the process. Asset protection in Medicaid planning means that you will be able to continue to pay for items to assist you rather than leaving that burden to your children or other loved ones. It also can assist a community spouse with their needs for their lifetime.
The application process is not always easy. Guidance is needed to navigate the maze. The rules of Medicaid are based on Federal and state law. Likely, you will need an advocate to be there for you.