Medicaid is an essential benefit for numerous people around the United States, specifically when an individual is in critical need for medical expenses to cover residence health care, assisted living services, nursing home stays or other expenditures. However, going by the belief that this protection will certainly be there is a little naive. As with any type of federal government program, you should intend and take the best steps to guarantee you’ve got the coverage you need.
What actions are important to take? Who is eligible for Medicaid, as well as exactly how can you get full benefits you are entitled to? These are thorny questions, especially for single and widowed people. Here’s a total overview of Medicare/Medicaid planning from Chattanooga elder law attorneys at McKoon, Williams, Atchley & Stanley, PLLC, for individuals in such situations, so you could be certain you have the healthcare protection you require.
Overview Of Medicaid Planning
To start with, we would like you to pay attention that application process can be time-consuming and complicated. Therefore, you have to start planning ahead if you want to protect your assets while still having the ability to get your coverage. Unfortunately, there’s a high risk of being rejected when you apply for Medicaid, especially if you’re not familiar with how everything works. One must seek the professional help of a highly qualified Southern Chattanooga attorney to avoid such situations.
The very first thing to recognize prior to you look for Medicaid is what exemptions are. Single individuals can keep $2,000 in assets in their own name, which includes the cash value of life insurance policies, investment accounts, financial savings bonds, timeshare ownerships, individual retirement funds, and business interests if any. On top of that, the single applicant could maintain a single vehicle in their name. Lastly, if you have a legitimate intent to return home one day, your home becomes exempt.
Your home exemption is tricky, since lots of Medicaid recipients want to return home. The federal government, nonetheless, will look at the actual possibility of such scenario before exempting your home. Very often if the house is not protected in any other way (for example, in a trust), it is marketed to cover medical costs.
Your Course of Action
This could seem like a long period of time, however a solid course of action for Medicaid is a good five years. This is how far back the strategy will look in terms of your assets. This is crucial not just to be able to pass something to your loved or close ones, but to make sure that you have means to pay for those things that Medicaid does not cover, including long-term treatment and also various other significant medical costs.
Protecting Your Assets
As we have already mentioned, the first step you should take when preparing for Medicaid is to consult with a Chattanooga elder law attorney. With our huge professional experience, attorneys at At McKoon, Williams, Atchley & Stulce, PLLC know many ways to protect your assets. For example, it is possible to protect your assets with an asset protection trust. This is because legally your assets belong to the trust, though you are still able to access them.
Other alternatives to protect assets include personal annuities, promissory notes, caregiver agreements with your relatives, and so much more. Each of these has its own requirements as well as actions to set up. If you are looking to start your Medicaid preparation and also you require more info in the Chattanooga area, contact McKoon, Williams, Atchley & Stulce, PLLC for help today.