Like it or not, there may come a time in your life when Medicaid may become a necessary health strategy for you or a loved one. But you may find that when you need it the most, you may not qualify for benefits. Medicaid Planning is a set of strategies that can help you become eligible for this government program in spite of excess income or assets. However, it’s critical to know when and if this is the right move for your situation.
What makes Medicaid Planning a good idea?
- Navigating the Complex Road to Eligibility: Medicaid is a means-based program, therefore, planning can provide a clear and less difficult path towards eligibility that discerns what certain criteria are required to receive benefits.
- Seeking Long Term Care Assistance: Seniors especially can benefit from having a plan in place to qualify for Community Medicaid when and if long-term care or assisted living becomes a necessity.
- Benefiting from Community Based Services: Eligibility for community-based benefits from Medicaid planning can provide seniors with a wide range of various healthcare and personal care services.
- Spousal Consideration: By managing finances and assets, the healthy spouse can be assured of the necessary income and resources to continue paying living expenses to live independently while the applicant spouse is receiving care.
Are there any disadvantages to Medicaid Planning?
- Possibility of Penalties/Losing Benefits: You may be subject to penalties or become ineligible for Medicaid benefits if you plan too early and mistakes are made due to the difficulty in planning.
- Miscalculating a Future Need: Planning too far in advance could prove to be pointless if you find you don’t need Medicaid, which caused unnecessary transferring of assets which could negatively affect your finances.
- Irrevocable Medicaid Planning Trust: Once its created, an irrevocable Medicaid Planning Trust cannot be changed by you, even though you are the person who created it. With this type of trust, the named beneficiary is now the person in control of your income and resources.
What costs are associated with Medicare Planner?
Fees can vary widely depending on the type of Medicaid Planner. You will certainly want to weigh the benefits versus the cost of getting a professional to help you. In some situations, you may find there are no costs in getting help, but in such cases, buyers beware.
Contact KTS Pooled Trust for a free consultation.
