You may have heard stories of people exhausting their assets on long-term care and nursing homes … and it happens far more often than many people think. You have done everything right, paid off your mortgage and saved for the future for a great quality of life for you and your family. But if the unthinkable happens, and you or a family member end up needing nursing home care, would you be prepared?
What is Medicaid Planning?
Medicaid Planning has been defined as assistance provided to a potential Medicaid applicant in advance of, and in preparation for, their Medicaid application. Medicaid planning can range from the collection and preparation of documents, to a complete analysis and restructuring of one’s financial assets in order to gain acceptance into the Medicaid program.
Why Do I Need Medicaid Planning?
It is no secret that the soaring cost of nursing home expense continues to rise every year. These astronomical costs will quickly impoverish all but the very wealthy. If you or a loved one requires care, either at home or in a skilled care facility, you want to be able to look to the State to provide as much financial assistance as possible. Medicaid is a program of medical assistance currently funded and administered by the Federal government in conjunction with the States. In order to obtain Medicaid assistance, the applicant must meet certain financial criteria for both assets (resources) and income. The process of establishing “Medicaid eligibility” is often complex and replete with numerous pitfalls for the unwary. If you or a loved one is faced with the prospect of potential financial ruin in order to pay for this necessary care, proper Medicaid planning and the counsel of an experienced Elder Law attorney with expertise in the area of Medicaid issues can help.
Why CGMB Long Island Elder Law?
Our seasoned attorneys have helped countless families effectively navigate Medicaid planning, and have successfully handled numerous applications for both Institutional (nursing home) and Community Based (home care) Medicaid. We know the rules. We know the strategies. We know how to get the job done. With our years of experience and the combined legal skills of our Elder Law attorneys and established legal advocates, our team can successfully navigate these often treacherous waters and bring you the care that you deserve.
Contact us today to learn more about the importance of Medicaid Planning, and why our attorneys can ensure that you not only get the care that you need, but also ensure the very best quality of life, and financial protection, for you and your loved ones.