As you age, one of the things you will need to do is to plan for Medicaid. Medicaid can be extremely helpful in paying for your long-term care needs. If you are considering Medicaid as a potential option for paying for your care, you will need to plan for the application. Is extremely complicated and eligibility requirements must be met precisely.
Medicaid has extremely strict guidelines, which means that many people are rejected based on technicalities.To make sure that you get the Medicaid you need at the time in your life when you need it most, you must be positive that you can meet the guidelines. Many people seek outside assistance when they apply for Medicaid, typically in the form of an estate-planning attorney.
One of the things you will need to do is meet the asset limit. Medicaid is designed to help those with fewer options than others, which means that you must show that you have little or no money to spend on your long-term care.
How can you reduce the number of assets you have?
You can use a few different kinds of trusts as well as gifts to reduce the number of assets you have. Using a qualified income trust or irrevocable funeral trust could both help you meet the Medicaid asset limit. Many people who apply for Medicaid are just over the number of assets they are allowed to have, so placing your income in a trust, which takes it out of your hands, can help you qualify.
What is a good way to eliminate assets to obtain Medicaid?
A popular way to meet the qualifications for Medicaid is to spend down money that is beyond the asset limit. With this process, the money can be spent on medical bills, health-insurance premiums, physician visits and other medical needs until the individual meets the asset limit requirements.
These are a few possible things to consider when you need long-term care coverage through Medicaid or other means. It’s worth taking the time to discuss your application with a professional, so you can get approved as soon as possible.