Planning for Medicaid

As the baby boomer generation is getting older and as the financial market is still a little uneasy, many retirement-age individuals are wondering how they are going to make ends meet. Our government currently offers Medicaid to help those in need who are age 65 or older, disabled or blind and are considered low-income. This assistance helps with long term care for those who otherwise would have no resources to be able to live sustainably.

Planning for MedicaidThis federal and state joint program has minimum standards and expectations that can be a little tricky to understand.

To be able to use Medicaid for nursing home payments is important for many elderly because they need the help and care to have a good quality of life for their remaining years. To qualify for Medicaid, you have to be considered low-income and if you have certain assets it can actually prevent you from getting Medicaid assistance. Understanding there are options and ways to plan for your future need of Medicaid is an important resource for your future.

Medicaid planning is a way to get your assets, such as your personal home, made inaccessible to being considered your legal responsibility for paying the bills on. Having an attorney move around your assets to keep it away from the state can be a very difficult and complex process due to the passing of the Deficit Reduction Act of 2005 that made it harder to do any sort of Medicaid planning.

As you consider the rearrangement look at sheltering assets that can be counted against Medicaid, keeping your assets available for your loved ones and being able to provide for your spouse if you are married.

Planning for your future is important. Contact an estate planning attorney in the Illinois area who is experienced in this area.

 

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