A Guide to Medicaid Planning Assistance for the Elderly

Medicaid planning aims to secure financial security while obtaining the best healthcare services for senior citizens. Since both federal and state governments jointly fund this healthcare program, it is important to know the rules and regulations associated with this program.

Medicaid planning assistance for the elderly is all about strategically managing the assets that help to obtain Medicaid benefits while safeguarding the assets. It ensures a better quality of life for the elders and disabled individuals with low incomes. Here is how Medicaid planning assistance for the elderly is done.

Evaluating Medicaid Eligibility:

Medicaid eligibility criteria vary from one state to another. The applicants have to meet the specific income thresholds, and their countable assets should be below a certain limit. Experts, when carrying out Medicaid planning assistance for older people, reorganize the assets to match the Medicaid requirements so that the applicant can obtain the Medicaid benefits, ensuring financial stability.

Assessing Assets:

Assets play a deciding role in ensuring whether the applicant is eligible to obtain Medicaid benefits or not. So, experts, when going for Medicaid planning assistance for the elderly, prioritize the assets and ensure they are below Medicaid limitations. The assets that get counted during Medicaid planning are bank balances, real estate, investments, life insurance policies, and other personal property. It is important to understand the nature and value of these assets, which will help in devising a strategy to protect them while qualifying for Medicaid programs.

Employing Various Asset Protection Strategies:

Once the assets are thoroughly identified, there are various strategies employed to protect them while availing the Medicaid benefits. These strategies are transferring assets to irrevocable trusts, gifting assets to family members so that you can recover them later, and converting countable assets into exempt assets. However, these strategies sound good but need careful execution to meet Medicaid eligibility while avoiding penalties.

Income Planning:

Medicaid comes with specific income limits, and excess income may disqualify an applicant from getting the Medicaid benefits. Income planning is all about structuring the income and ensuring that it falls within Medicaid limits. It includes making certain kinds of income trusts or spending excess income according to medical expenses.

Long-Term Care Insurance:

Most of the time, Medicaid planning assistance for the elderly involves purchasing long-term care insurance. This is a proactive Medicaid planning strategy, and with long-term care insurance, it can cover the costs of nursing home care or in-home care. It helps eligible elders to obtain better healthcare services.

Final Thoughts:

Medicaid planning assistance for the elderly involves various comprehensive strategies to meet the eligibility requirements while saving the applicants' assets. Since it gives the complexity of the Medicaid rules, looking for expert advice is essential and will help you achieve the objectives.

Platinum Benefit Services Inc. offers expert assistance for Medicaid planning. Our team of seasoned Medicaid experts ensures Medicaid qualification without hampering the assets. Contact us today to avail yourself of our excellent service!