For the unversed, Medicaid is a federal-state health care program intended to offer low-cost/free care for low-income families. Qualifying for Medicaid is often the hardest part because both the income and assets of an individual are considered. If you want to qualify for Medicaid, here are four essential tips for your help.
- Talk to an attorney. Consulting an experienced South Jersey Medicaid planning lawyer can help you immensely in deciding about your estate. No one wants to lose everything they have earned to qualify for this healthcare program, but an attorney can advise you on protecting some of your assets. There are limitations to what you can do, but an attorney can improve your chances of getting qualified.
- Plan early. There is no better time to think of Medicaid than now. Don’t wait for the actual emergency to arise, because your assets could be at risk. If you had transferred assets to beneficiaries in the last five years at exceptionally lower rates than the market value, your application could be denied. It is best to think of Medicaid without further delays.
- Talk to your spouse. You don’t have to live without assets anymore if your spouse must qualify for Medicaid. There are rules related to Medicaid Spousal Impoverishment for that. Talk to your spouse in detail if you think either of you needs to apply for Medicaid in the near future.
- You haven’t missed the bus yet. People often assume that they didn’t plan their estate in advance, and therefore, there is no way they can qualify for Medicaid. This is not true. Let your attorney explain the various tools and strategies that you can consider to improve your chances.
Plan your estate for the future
You never know whether you will need long-term care in the future. Nursing home services in the US are insanely expensive, and it could be impossible to pay with your savings. If you can plan your estate in advance, you can protect some of your assets. There are estate planning strategies that can help you qualify for Medicaid without losing it all. You cannot do everything on your own, and any mistake in any document can impact your beneficiaries and your future. Don’t delay Medicaid planning, and get in touch with a lawyer with relevant experience. If you are a senior, look for lawyers specializing in elder law in NJ. They can help you complete the paperwork for Medicaid too.
