5 Things to Know About Medicaid Planning
In some cases, many residents of nursing homes end up draining all of their assets on long-term care, but thanks to Medicaid planning it is possible to eliminate those financial costs. An experienced Medicaid planning attorney can help your family plan for nursing home care before it becomes a serious financial issue!
1. What is Medicaid? Medicaid is a Federal State program that covers long- term care costs for those eligible. There are different types of Medicaid programs and you may qualify for Dual eligible beneficiaries depending on your income and resources. If you have incurred income from working you may qualify for the following programs:
- Full Medicaid
- Qualified Disabled and Working Individuals Program (QDWI)
- Qualified Medicaid Beneficiary Program (QMB)
- Qualifying Individual Program (QI)
- Specified Low-Income Medicare Beneficiary Program (SLMB)
2. Medicaid planning is the process that allows you to “rearrange” your assets making you able to qualify for Medicaid benefits. (Typically nursing home/long term care) Some of these benefits consist of:
- Nursing home facilities
- Home health care for individuals eligible
- Physician Services
- Rehabilitation and physical therapy services
- Laboratory and x-ray services
- Outpatient and Inpatient hospital services
3. The ultimate goal of Medicaid planning is to shelter your countable assets and maintain assets for your loved ones.
4. Qualifying for Medicaid varies from state to state and can be complicated. Although Medicaid is controlled at the federal level, each state establishes:
- Its own Medicaid program
- The type, amount, duration, and scope of services
- Its own eligibility standards
- Payment rate for services
Michigan has extended their Medicaid programs to cover individuals below specific income tiers. If you are looking to qualify for Medicaid in Michigan you should seek an experienced Medicaid attorney to help you get started.
5. It is better to contact a Medicaid planning lawyer to start the process before a serious medical condition starts. You will be able to make important decisions on your own, free from pressures that can be brought on from serious health issues.
Don’t spend your life savings buried in the expensive financial costs of long-term health care. By taking steps in advance you can handle these challenges of health costs that can be detrimental to you and your loved ones. Take action today by contacting our Medicaid planning experts to make sure your assets are protected for you!
If you think that Medicaid planning in Michigan may be the right thing for you, or have a loved one that may soon be in need of Medicaid, contact Grand Rapids Medicaid planning attorney, Sean Cox today. We provide Elder Law services to the entire state of Michigan from our three convenient offices. Contact us today for a free consultation here.