What does it mean to plan for Medicaid?
Simply put, Medicaid Planning is making the most of your resources for your long-term care. Most people have income and assets they could use for their care. Many people can also qualify for government assistance, Medicaid, which then provides them with another resource for such care. You could use all of your own resources first and then apply for government assistance, or you could plan ahead to use a combination of these. Medicaid Planning is planning ahead to use a combination of resources.
By planning ahead you can set aside some of your assets to pay for things that would not be covered by Medicaid benefits – things like dental care, health care and medications not covered by health insurance or Medicare, a private room, clothing, bedding, outside meals, entertainment, hair styling and makeup, gifts for others, cards and stationery, postage and other personal items you may want. Having these things without having to rely on your children or others to pay for them makes long-term care more bearable. Planning ahead can even enable you to use a combination of resources to pay for long-term care and still leave assets for your family or for charity.
What does it look like to plan for Medicaid?
Planning to use Medicaid’s resources to supplement your own takes into consideration many factors. Some of these are the level of long-term care that you anticipate needing, your income, your existing assets, whether you have a long-term care insurance policy, your debts and expenses, and how much of your assets would you like to preserve. Additionally, if you are married, your spouse’s needs, income and assets, etc., must be considered as well.
If you are concerned about paying for your long-term care, call our office to schedule a Medicaid Planning consultation with Attorney Annette Rhodes. During your initial appointment, she will talk with you about your goals, how to determine the Medicaid benefits applicable to your circumstances, and in what ways we can assist you. You decide how you want to proceed. If you would like more information about Medicaid Planning, take a look at our other blogs and check our website periodically for information about any upcoming educational presentations in Wake Forest and the surrounding areas.