“5 Key Medicaid Planning Concepts” by Attorney Alexander M. Pagnotta (Audio)
Unfortunately, many people do not realize the importance of making a Medicaid plan, or they have misconceptions about the Medicaid planning process. It is important that you make a Medicaid plan so you can keep your assets safe and secure and avoid losing the money and property that you have worked so hard to acquire over the course of your life. Now let’s examine 5 key Medicaid concepts.
First, Medicaid Isn’t Just for Low-Income People
Far too many people do not want to make a Medicaid plan because they view Medicaid as being a program for only the poor. While Medicaid is intended to provide help to people with limited financial resources, it is also an important program for middle class and wealthy Americans.
Middle class and wealthy Americans can work with an attorney to get qualified for Medicaid if they need costly and expensive care. This can allow these families to preserve their assets and use their wealth to provide for loved ones instead of wasting their life savings paying for expensive care at the end of their life.
Second, Medicaid Is Important Even if You Have Medicare
Medicaid is very important for many seniors even when those seniors are already covered by Medicare. While many seniors mistakenly believe that Medicare will cover everything that they need when it comes to healthcare, this is simply not the case. Medicare has major limits in what is covered by the program. Medicaid can help seniors by paying for things Medicare doesn’t cover.
Third, Medicaid Could be Your Only Source of Nursing Home Care
One of the key things that Medicare does not cover is nursing home care. Nursing home care could cost thousands of dollars per month, and it’s not paid for by Medicare if you just need basic routine care such as help with activities of daily living.
Although Medicare provides coverage for skilled nursing care under very specific circumstances, most people who qualify for nursing home do not get their care covered by Medicare. This means unless you have purchased long term care insurance – which is too expensive for most and which may have coverage limitations that make it impractical – you’ll have to pay out of pocket for nursing home costs unless you’ve made a Medicaid plan to qualify for Medicaid.
Fourth, Medicaid Planning Requires the Use of the Right Legal Tools
It’s important for those who want to make a Medicaid plan to get the legal help necessary to do it correctly. Far too many people think they have a Medicaid plan in place that will provide them with expected protections, when in reality the tools they have used do not keep their assets safe.
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