Some people get around to Medicaid planning, while others continue to put it off and hope for the best.
While you may never qualify for Medicaid, you won’t know where you stand until you take a closer look at your situation and how it could change in the future.
Let’s start with a basic definition of Medicaid:
Medicaid is a joint federal and state program that, together with the Children’s Health Insurance Program (CHIP), provides health coverage to over 72.5 million Americans, including children, pregnant women, parents, seniors, and individuals with disabilities. Medicaid is the single largest source of health coverage in the United States.
If you qualify for Medicaid right now, you shouldn’t hesitate to take advantage. It’s a program that can benefit you, your finances, and your future in a number of ways.
However, just because you don’t qualify today doesn’t mean you won’t qualify tomorrow. And that’s why Medicaid planning is so important.
The simple act of transferring assets out of your name is not enough to qualify for Medicaid. You need to start thinking about this well in advance.
Thanks to the “look back” period, Medicaid will review your financial circumstances over the five years prior to your application. So, if you transferred assets out of your name in an attempt to qualify for Medicaid benefits, they will be disallowed.
Through proper planning, there are a variety of legal strategies and tools you can use to reduce your countable resources and improve the likelihood of qualifying for Medicaid benefits.
When you start thinking about Medicaid today, you can make decisions that help you receive benefits in the future.
If you’re interested in Medicaid planning for yourself or a loved one, it’s critical to take action. Contact us to learn more about the strategies that are best for you, your finances, and your future.