Medicaid Planning

Medicaid is a federal and state healthcare program that covers certain medical costs for low-income adults. Many seniors qualify for Medicaid, but eligibility is based on income, assets, and estate. Before eligibility is granted, applicants are often required to spend down a significant portion of their assets, sometimes depleting much of their savings. However, when planned for with an elder law attorney, individuals can protect their property while still qualifying for health coverage.

Because Medicaid rules vary by state, coverage will differ as well. In many cases, Medicaid will cover nursing home care or at-home services that seniors commonly need. Applying for Medicaid and planning for it in advance are complex. Many people are misinformed about the process and may be denied benefits due to technicalities. Working with an experienced attorney helps ensure you are in the strongest position to qualify for coverage while preserving your assets.

Protecting Your Assets While Maintaining Eligibility

Medicaid’s strict financial rules can put seniors at risk of losing the assets they’ve built over a lifetime, just to qualify for coverage. Without proper planning, applicants might have to reduce their savings, sell valuable property, or spend down resources in ways that leave them financially vulnerable.

Medicaid planning aims to legally and strategically protect those assets while still meeting eligibility requirements. An experienced elder law attorney can help you understand which assets are countable, which are exempt, and how to organize your finances. Proper planning also helps prevent penalties arising from well-meaning but improper asset transfers.

What Are the Options?

Applicants encounter many confusing rules and regulations when applying for Medicaid. Fortunately, Simpson Estate and Elder Law is deeply familiar with the intricacies of the process and can help you remain eligible for Medicaid with legal strategies. We will work to structure your assets appropriately, avoid penalties such as the Look-Back Rule, and explain all available options for your situation.

Some strategies available include:

• Irrevocable Funeral Trusts
• Medicaid Compliant Annuity
• Gifting assets within a proper timeframe
• Medicaid Asset Protection Trusts (MAPT)
• Division of Assets

Secure Your Future Today

Planning for long-term care and navigating Medicaid eligibility can be overwhelming, but you don't have to face it alone. Simpson Estate and Elder Law is dedicated to helping seniors and their families make informed decisions and create a plan for their unique needs. Take the first step of Medicaid planning by reaching out today for a free consultation.