• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Sinclair Prosser Gasior

Annapolis Estate Planning Attorneys

  • Facebook
  • LinkedIn
  • Twitter
  • YouTube

Call Now: (410) 573-4818

Attend a Free Workshop Trustee School

  • Home
  • About Our Firm
    • About Our Firm
    • Founding Attorneys
    • Meet Our Team
  • Services
    • Annapolis, MD Asset Protection and Business Planning
    • Estate and Gift Tax Figures
    • Annapolis, MD Elder Law & Medicaid Services
    • Annapolis, MD Trust Administration & Probate
    • Family-Owned Businesses & Farms
    • Annapolis, MD Incapacity Planning
    • Annapolis, MD LGBTQ Estate Planning
    • Annapolis, MD Pet Planning
    • SECURE Act
    • Annapolis, MD Special Needs Planning
    • Estate Planning for Young Families
  • Resources
    • DocuBank
    • Elder Law Reports
    • Estate Planning Definitions
    • Free Estate Planning Worksheet
    • Frequently Asked Questions
      • Asset Protection Planning
      • Estate Planning
      • Frequently Asked Questions for Families Without an Estate Plan
      • Legacy Wealth Planning
      • LGBTQ Estate Planning
      • Medicaid
      • Power of Attorney
      • Probate Avoidance
      • Trust Administration & Probate
      • Wills
    • Is Your Estate Plan Outdated?
    • Probate Resources
    • Reports
      • Advanced Estate Planning
      • Basic Estate Planning
      • Trust Administration
      • Estate Planning for Niches
    • Top 10 Estate Planning Techniques
    • Newsletters
  • COMMUNITIES WE SERVE
    • Anne Arundel County
      • Annapolis
      • Crownsville
      • Davidsonville
      • Highland Beach
      • Millersville
    • Baltimore County
    • Calvert County
      • Dunkirk
      • Huntingtown
      • Owings
    • Charles County
      • Charlotte Hall
      • Waldorf
    • District of Columbia
    • Howard County
    • Maryland
      • Clarksville
      • Columbia
      • Ellicott City
    • Prince George County
      • Bowie
      • Fort Washington
      • Glenn Dale
    • Queen Anne’s County
      • Grasonville
      • Queenstown
      • Stevensville
    • St. Mary’s County
      • Charlotte Hall
      • Leonardtown
  • Reviews
    • Our Reviews
    • Review Us
  • BLOG
  • Contact Us
  • Make A Payment
  • Client Portal
Home / 5 Key Medicaid Planning Concepts

5 Key Medicaid Planning Concepts

August 29, 2018 by Alexander M. Pagnotta, Estate Planning Attorney

“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.

  • Author
  • Recent Posts
Alexander M. Pagnotta, Estate Planning Attorney
Alexander M. Pagnotta, Estate Planning Attorney
Estate Planning Attorney at Sinclair Prosser Gasior
Alex Pagnotta’s personal experience with the problems that can result from an inadequate estate plan along with his interest in helping others drove his desire to pursue the areas of estate planning and estate administration. He counsels individuals and families to preserve wealth and ensure that their hard earned assets are passing to the correct individuals when they want and how they want.
Alexander M. Pagnotta, Estate Planning Attorney
Latest posts by Alexander M. Pagnotta, Estate Planning Attorney (see all)
  • What Happens with my Car at my Death? - January 24, 2023
  • What Do Executors Need to Know? - December 15, 2022
  • Patagonia Founder Gives Away His Company - November 1, 2022

Filed Under: Uncategorized Tagged With: Asset Protection, Medicaid

Other Articles You May Find Useful

What Happens with my Car at my Death?
Estate Planning for Your Tangible Property
Annapolis estate planning attorney
What Are the Duties and Responsibility of a Trustee When Administering a Trust?
What Do Executors Need to Know?
What Can Be Purchased with a Special Needs Trust?
Annapolis probate attorney
How Social Media Posts Might Impact a Will Contest

Primary Sidebar

Download our free estate planning worksheet

There's a lot that goes into setting up a comprehensive estate plan, but with our FREE worksheet, you'll be one step closer to getting yourself and your family on the path to a secure and happy future.
  • This field is for validation purposes and should be left unchanged.

Follow Us

  • Facebook
  • LinkedIn
  • Twitter
  • YouTube

Testimonials

5 Stars
Client Review
September 3, 2020
    

We initiated estate planning following a presentation by Sinclair Prosser Attorney Jon Gasior. We were so impressed, we contracted with them to complete our estate planning. Subsequently, we assembled information on our assets and Sinclair Prosser Gasior did the rest. Correspondence was communicated to our financial institutions and the estate was established. We were very pleased with the courteous manner of the Sinclair Prosser Gasior staff. However, it was their professionalism that made us satisfied we chose this firm to handle our estate. We have nothing but praise for Sinclair Prosser Gasior .

default image
– Walter K.

Blog Subscription

Sign up for our blog to receive all of our latest estate planning news and updates!
  • This field is for validation purposes and should be left unchanged.

ANNAPOLIS

900 Bestgate Road
Suite 103, Annapolis, Maryland 21401
Phone: (410) 573-4818
Fax: (410) 573-2802

BOWIE

4201 Mitchellville Road
Suite 403, Bowie, MD 20716
Phone: (301) 970-8080
Fax: (410) 573-2802

MILLERSVILLE

1520 Jabez Run Rd
Suite 300, Millersville, Maryland 21108
Phone: (410) 573-4818
Fax: (410) 573-2802

WALDORF

Hamilton Centre II
3261 Old Washington Road, Suite 2020 Waldorf, MD 20602
Phone: 800-366-4615

Map

map for office

Footer

footer logo
  • Facebook
  • LinkedIn
  • Twitter
  • YouTube

The information on this Maryland Attorneys & Lawyers / Law Firm website is for general information purposes only. Nothing on this or associated pages, documents, comments, answers, emails, or other communications should be taken as legal advice for any individual case or situation. This information on this website is not intended to create, and receipt or viewing of this information does not constitute, an attorney-client relationship.

© 2023 American Academy of Estate Planning Attorneys| Privacy Policy | Contact Us | Disclaimer | Site Map