Medicaid Planning - Things to RememberDec 17, 2016
Get The Help (and Protection) That You Deserve.
Though there are many complexities to Medicaid planning, it’s important to understand Medicaid is there to help families like yours. Medicaid planning is the best way to ensure you receive the benefits to assure you protect as much of your hard-earned assets as the law allows, and to receive the care you need.
It is also important to understand that Medicaid planning may be a necessary component in ensuring that the spouse “left behind” is not left in poverty. The first step in Medicaid planning is education. The more you know about how Medicaid works, the better you will be able to look out for the interests of your family.
For more detailed information, it’s best to consult with a qualified legal advisor. So think of this as an introduction.
Things to Remember...
It’s NEVER Too Late
Medicaid planning can begin anytime, even if your loved one is already living in a skilled care facility. But the sooner you plan, the more options you will have to protect what’s important to you.
You Can Keep YOUR Home
If you’re married, and you or your spouse needs to go into a nursing home, your home is exempt from Medicaid’s calculation of what your contribution to the cost of care should be. If you are unmarried or widowed, and you go into a nursing home, your house may be exempt if you follow certain procedures. Even though your house is safe while you reside in a nursing home, it will likely be lost to Medicaid after your death. Planning is key to preserving your home whether married, single or widowed.
Don’t GIVE AWAY the Store
Since major changes to laws in 2006, “gifting” away your assets creates unforeseen circumstances and can make you ineligible for Medicaid benefits for 5 years or more! Far from protecting yourself, you will be undermining your own security.
MIND Those Safe Harbors
Congress has created a number of “safe harbor” provisions for protecting your assets. These provisions exempt certain assets and allow transfers to children or siblings, who meet certain eligibility requirements, as well as putting assets in certain kinds of trusts.
Carefully CHOOSE When You Apply
Applying too early can mean a longer wait for Medicaid qualification than necessary, while applying too late can mean having to pay for months of care you may not have had to pay. Do not apply for Medicaid without a plan to ensure you qualify.
Get the RIGHT Help
Medicaid planning is a complex matter. You need expert assistance to keep your assets safe. The nursing home cannot and will not help you. Be sure to find legal counsel who limits their practice to this area – someone with proven expertise in Medicaid law.
RULE OF THUMB:
Do not apply for Medicaid without a plan to ensure you qualify.
Learn more about Michigan Medicaid Applications here.
Learn more about Applying for Medicaid in Michigan here.
Learn more about The Top 10 Benefits of Comprehensive Powers here.
Contact us today at (248) 278-1511.