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Why should you plan in advance for applying for Medicaid?

| Sep 4, 2020 | Medicaid Planning |

As you age and deal with serious long-lasting illnesses, you may realize that you need additional monetary support.

Applying for Medicaid can help you pay for various medical and age-related care facilities, such as nursing homes, without losing all your assets.

How to prepare

According to the American Council on Aging, Medicaid planning means preparing your assets and documents to make sure you are eligible for government assistance. Exceeding a certain monthly income level can cause you to lose any possible benefits, which is why it is important to put money in the correct trusts or determine exempt assets.

Professionals are often able to craft a unique plan for your needs, along with determining what long term insurance plan is right for you. Waiting until you are already ill to purchase life insurance may disqualify you from some plans.

Reasons to plan

Starting to plan for Medicaid assistance before you officially apply for the review process can help improve your chances for acceptance. One spouse is often left to deal with bankruptcy alone if the other spouse needs to move into a home or requires full-time assistance. In addition, transferring gifts five years or less before applying can also lead to ineligibility. Giving cash or property to your family at the wrong time may cause lasting damage to your financial future.

Many professional planners determine their price based on your home and life insurance, your income and assets, and any veterans’ benefits you receive. Since one filing mistake can potentially disqualify you from receiving benefits, it is important to ensure your financial future stays secure by carefully reviewing your application.