While Medicaid planning is a term often tossed around, not many people know exactly what the process entails. In general, Medicaid planning is any assistance provided to an individual in advance of their Medicaid application. These tasks widely vary depending on the needs of the person, but may include anything from collecting documents to restructuring assets. Medicaid eligibility is complicated and even a simple mistake in the application may result in being denied benefits. Because of this, people will often consult a Houston Medicaid planning attorney to help them with the process and ensure their family’s assets are maintained while their loved one receives the long-term care they need.
Reviewing Medicaid Eligibility
It is important for an individual to determine their Medicaid eligibility in order to have a full grasp of the potential benefits that they could receive. The consequences of being denied Medicaid benefits can be detrimental not only for the individual, but also for their family. The American Council on Aging provides a free eligibility status checker to determine eligibility.
Because Medicaid eligibility is very complex and often changes, Medicaid planning lawyers can provide the skills to help their clients get accepted into the Medicaid program. The application process is very time consuming, and working with a Medicaid planner can often relieve some of the stress and speed up the process. Planning is most complicated when a person’s income or financial assets are above the financial eligibility limit. In these situations, Medicaid planners can help individuals in these situations to convert income and assets into trusts, thereby avoiding any major issues.
The cost of Medicaid planning depends on factors such as marital status, home ownership, and the availability of benefits. While not every individual applying for Medicaid will require the services of a Medicaid planner, it can often save a person money in the long run. Review our 2020 Texas Medicaid Facts here.
Often people assume that if they are healthy, there is no reason to plan ahead and consult a Medicaid planner. However, even in these situations, planning is vital. Without preparation, families are often forced to pay out-of-pocket for long term care until they no longer have the ability to do so. If they had planned ahead, the family might have been able to protect their assets while still making sure their loved one received the care they needed.
Although Medicaid Planning may seem unnecessary, a comprehensive Medicaid planning strategy will provide a family with peace of mind, knowing that their loved one’s needs will be provided for and that important familial assets are protected.
Are You Planning on Applying for Medicaid?
If you or a loved one is considering applying for Medicaid, the Houston estate planning attorneys at McCulloch & Miller, PLLC are here to help. By helping families determine their loved one’s Medicaid eligibility, we make sure family assets are protected while your loved ones receive the care they need. With years of experience, our dedicated attorneys will walk you through the Medicaid application process and handle your case with sensitivity and compassion. To schedule a consultation, contact us today at 713-333-8900.