Oklahoma City Medicaid planning attorneys can help you create a plan to protect assets and ensure tou receive the care you need. Many people do not realize they should create a Medicaid plan now or they will wind up waiting too long to make a plan and end up losing the opportunity to protect their assets. Unfortunately, this mistake that can affect the legacy you are able to leave to loved ones.
Parman & Easterday will make sure you have the right plans in place to protect the wealth you have worked so hard for and to ensure you receive the care you need if you move to a nursing home as you get older. To find out more about how our firm can help with the Medicaid planning process, give us a call today. You can also read on to learn some key facts that Oklahoma City Medicaid planning attorneys wish people knew.
Medicaid Isn’t Only for Low-Income People
One of the biggest reasons people do not make a Medicaid plan is because they do not realize they may need Medicaid some day. It’s true that Medicaid has resource limits and those with too many assets will not qualify for coverage, but this is why middle class and even wealthy people need to have a Medicaid plan. If you need Medicaid when you get older or get sick, you don’t want to have to impoverish yourself first by spending all your money on costly care. At $7,000 a month or more for a nursing home, it doesn’t take long for most people to run out of money. And since 70% of those over the age of 60 will require long term care before they die, this is a very real possibility.
Many middle class and wealthy families work with Oklahoma City Medicaid planning attorneys to ensure Medicaid will be there when they need it. You have worked too hard building up your life savings to lose everything when a medical issue or age-related infirmity forces you to spend everything you’ve saved just to cover your care. You should create a Medicaid plan to protect your assets and ensure Medicaid pays for the care you need.
You’ll Still Need Medicaid Even if You Have Medicare
Another big reason why people do not have a Medicaid plan is because they don’t realize how much Medicare does NOT cover. Seniors think once they have Medicare, they will not have to worry about expensive medical costs any more. Sadly, this is not the case.
With Medicare, there are still many things you will need to pay for yourself. There are high Medicare premiums and coinsurance costs for most types of care you need and limitations on Medicare coverage for prescription medications.
Medicaid covers many costs that Medicare doesn’t. For example, Medicare will not pay for nursing home care. Medicare pays for a limited amount of skilled nursing care, but most people in nursing homes need custodial care for which Medicare does not pay. This means if you need routine care in a nursing home and don’t qualify for Medicaid, you’ll pay the $7,000 a month or more out of your own pocket–and these can quickly add up in a short period of time.
Medicaid can also help some people pay their Medicare premiums and even help with coinsurance costs, depending on that person’s income.
Medicaid Planning Can’t Wait
Because Medicaid covers many essential healthcare costs that Medicare doesn’t, you want to ensure you are eligible for Medicaid as soon as you need care. You will not qualify if you haven’t done Medicaid planning in advance of when you need care.
Medicaid has a five-year lookback rule, which means if you apply for Medicaid, all financial transactions over the past five years will be reviewed. If you transferred assets for less than fair market value or gave away wealth, you will be temporarily disqualified for Medicaid. You may have to wait months or years while you or your children pay for care out of your own pockets.
Getting Help from Oklahoma City Medicaid Planning Attorneys
Oklahoma City Medicaid planning attorneys can help you qualify for Medicaid as you get older. To find out more about how Parman & Easterday can help, join us for a free seminar. You can also call today at (405) 843-6100 or contact us online at any time for help.
- Will My Family Pay Inheritance Taxes? - May 24, 2022
- Special Needs Planning: Life Enhancements With No Loss of Benefits - May 19, 2022
- Five Ways a Trust Can Be Better Than a Will - May 17, 2022
