Medicaid is a federal and state program that provides health coverage for certain people with limited income and assets. Every state has different requirements and for different groups of people through Medicaid-funded programs.
Available services may include home health care, nursing homes, and long-term care, and there may be assistance for those who don’t fall within these broad classifications.
Usually Medicaid programs are limited to those who meet eligibility guidelines, which vary state by state but usually are income / asset based. There are many variables, and may also vary from program to program. Some people may qualify for Medicaid and Medicare simultaneously.
Medicaid planning is asset protection for the family or individual in need of nursing home care. It is the best way to ensure that you receive as much of the benefits as the law allows and receive the care you need. Eligibility for Medicaid is only available to persons who meet specific financial guidelines, and by starting the planning process early, you will optimize the chances that your assets will end up with the people you choose.
Medicaid eligibility is very complex; the rules change frequently, they differ in each state, they differ by program within each state, the application is time consuming, and the review process lengthy. If you are denied by Medicaid, the consequences may be severe and can negatively impact the comfort, happiness, and even the health of the individual applying and their entire family.
According to Paying for Senior Care, different family situations may or may not require Medicaid planning. Situations where one spouse requires care, both spouses require care, or a healthy couple is simply doing long-term planning may require a planner. Whereas, a single person with no assets or income, whether healthy or not, may not need to hire a Medicaid planner.
Medicaid Planners help clients structure their financial resources and prepare documentation to ensure the best possibility of being accepted into the Medicaid program. They create trusts, manage asset transfers, and convert countable assets into exempt assets to ensure eligibility and preserve a family’s resources.