If you haven’t already done so, you should contact our Overland Park Medicaid attorneys to help with the creation of your Medicaid plan well before you find yourself needing Medicaid to help pay for the costs of your healthcare. If you do not have a Medicaid plan, you are vulnerable to significant financial expense and could forfeit your opportunity to leave a legacy for your loved ones. You don’t want to take this chance.
Parman & Easterday can provide guidance on whether you need a Medicaid plan, on possible Medicaid planning alternatives such as purchasing long-term care insurance, and on the tools available in completing a viable Medicaid plan.
We can help you put your plans in place, giving you the peace of mind of knowing your hard-earned wealth is safe should something happen to you. Give us a call today to find out more about Medicaid planning or read on to learn about the key reasons you do not want to wait to make a Medicaid plan.
There’s a Significant Chance Nursing Home Care Could Become Necessary
According to the Wall Street Journal, more than 70 percent of people who’ve reached the age of 65 will, at some point in their life, require care in a nursing home. Once you reach 65, you have a 40 percent chance of needing care and a 20 percent chance you will stay in a nursing home for at least five years.
Since there is a very good chance you’ll need nursing home care, you will want to have a Medicaid plan so Medicaid will pay for it. Medicare doesn’t cover routine nursing home care, formally called custodial care, the type of care usually needed by seniors moving to a nursing home.
If you don’t have long-term care insurance, which most seniors don’t, and you don’t qualify for Medicaid, you will have to pay out of pocket for your nursing home care. If you have a Medicaid plan in place, you won’t have to worry about whether you will qualify.
Medicaid Has a Five-Year Lookback Rule
You can’t afford to wait until you need nursing home care to do your Medicaid planning. Often your plan will require transferring assets into a trust, or otherwise transferring wealth.
Medicaid looks back five years from the time you apply for benefits to determine if you transferred or sold assets for less than fair market value. If you did, this triggers a period of temporary Medicaid disqualification.
This means if you have waited too long to make a Medicaid plan, you may not be able to fully protect all your assets. While Parman & Easterday can help, through crisis planning, to preserve as much wealth as possible, it’s much harder to keep all your assets secure if you don’t act early.
It Takes Time to Put a Medicaid Plan Into Place
The process of creating the right Medicaid plan takes time. It is not something you want to be scrambling to figure out after you have been diagnosed with a serious ailment and need Medicaid to cover you right away.
Work with an attorney while you are healthy, of sound mind and body, and prepared to go through the Medicaid planning process. You will have the peace of mind of knowing that even if something happens to you and you need a nursing home or long-term care, plans are in place to protect your assets and preserve your legacy.
Getting Help from Overland Park Medicaid Attorneys
The Overland Park Medicaid attorneys at Parman & Easterday will provide the personalized help and support you need to create a Medicaid plan to protect your assets even if you end up needing nursing home care.
To find out more about the Medicaid planning process and how our firm can help you make your plans, join us for a free seminar. You can also give us a call today at (405) 843-6100 or (913) 385-9400 or contact us online to get personalized advice on the creation of your Medicaid plan. Call today. Don’t wait until it is too late to protect your wealth and your legacy.