The Ins and Outs of Medicaid Planning - Plan Right Law


Plan Right Law

Posted on

Nov 16, 2022


Utah - Utah

Trying to determine Medicaid eligibility is very complicated. The rules are often changing, and they are different in each state. Often medical eligibility differs by what program you need.  In addition, the application is as well as the review process is lengthy. Sad to say, If Medicaid denies you, the consequences can negatively affect the comfort and health of a senior citizen and the financial stability of your family.

Medicaid planners help their clients to structure financial resources and prepare documentation to ensure the best possibility of being accepted. Medicaid planners can create trusts, change countable assets into excused assets, and manage asset transfers to guarantee eligibility. Planners can show you how to protect a loved one’s home and administer finances to safeguard the healthy spouse which allows them to have acceptable income and assets to remain living independently.

If you are wondering if it is needed to use a Medicaid planner, the answer is “it is a sound idea.” Base your decision on whether to hire a Medicaid planner on your specific financial situation. Family situations impact the need for planning. Some conditions are:

  •    When only one spouse needs care, the cost of caring for one spouse can rapidly deplete a couple’s resources and possibly exceed the value of your home. To protect the spouse who is healthy and allow him/her to remain living at home, separation of resources is often necessary. This tactic is very complicated. If you need to separate resources, it is essential to use a Medicaid planner.
  •    If both of you require care, note that long term care costs for two individuals can bankrupt a family quickly. Without one spouse caring for the other spouse, the caregiving burdens that come from a Medicaid denial could be substantial. If you two of you are ill, the critical nature of acceptance into Medicaid requires the use of a Medicaid planner.
  •    If you are healthy and wish to preserve some of your assets for your children, working with a Planner may be the wisest thing you can do. Families can plan for themselves without professional guidance, but if you make a mistake in Medicaid planning, it can affect your eligibility for up to five years. If you are not confident enough to manage the complex legal and financial techniques, use a Medicaid planner.
  •    If you are single and have no assets and little income despite your health conditions, you do need help to navigate the waters of Medicaid eligibility. If you choose not to use a Medicaid planner, do get some help somewhere.

The Medicaid planning process is not painful. Most Medicaid planning firms will offer you a free consultation where they will discuss the health status and financial resources of your family. Planners use this information to establish success with Medicaid and have a positive impact on preserving your assets. Planners also use your information to determine whether to accept you as a client.

It does take several weeks to collect information and make a formal analysis of the family’s assets. A plan is built, modified as needed, and continually discussed. Putting the program into action may take longer. It all depends on the strategy being offered. Sometimes where there is an immediate need for Medicaid care, the Medicaid documents can be prepared along with the execution of the plan. There are also some cases where Medicaid coverage is retroactive. It does take a Medicaid planner to determine your success of you being enrolled in Medicaid.

Documents You Will Need

To apply for Medicaid, you will need to verify your identity and your financial circumstances. Documents need to prove your age and can include your birth certificate or driver’s license. You may also need to provide proof of citizenship which requires a US passport or a birth certificate. To verify your marital status, you may need to provide a marriage certificate, separation papers, a divorce decree, or the spouse’s death certificate.

Financial resources are harder to confirm. You will need checking, and savings account statements, money market accounts and if you have them, certificates of deposit. Stock or bond, annuities plus IRA, 401K or Keogh Account documents must be provided. You will need the title to your automobile and the value, deeds to property, and mortgages. If you have a life insurance policy, you will need to show this information. Burial plot information is also required as is prepaid funeral contracts.

Other documents you may need will be your social security card, Medicare card, and additional insurance plus RX cards. You will need to show guardianship documentation if you have it.

Income can be verified by the most recent pay stubs, social security award letter, pension statement or unemployment check stubs. You may need to show a support or alimony check or court order, a VA award letter or an SSI Award Letter. The documentation could take weeks to get it together and maybe more than several inches high!

When a loved one requires long term care, you have many challenges. The added stress of trying to cover all the needs to determine Medicaid eligibility is an unwelcome burden that will further compound your difficulties.

Medicaid planning services from Plan Right Law is the best solution for optimizing your Medicaid eligibility. When you use a senior planning service, a secure financial future becomes a reality. Health insurance will cover some of the medical costs of caring for your aging family members, but if insurance is not enough, Medicaid can help.

Medicaid is an insurance program for very low-income individuals with limited financial assets. Medicaid can pay for unlimited nursing home care and does pay for some home care, assisted the living, adult day care, and medical alert services.

To receive Medicaid, you need to get through two challenges associated with Medicaid. The first is qualifying and the second is the availability of services. Work with a Medicaid planner to understand your health insurance benefits and to determine if Medicaid is right for you. A planner will also help you gather up the verification you need, fill out the paperwork for Medicaid, and be your advocate with the Medicaid system.

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Is A Medicaid Annuity Right For You?

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Highlighting Veterans Benefits

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2024 Standard Protections for Spouses of Medicaid Applicants

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