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Louisiana Medicaid planning: How income and assets play a role

Getting older is an inevitability and planning for a time when extra help may be needed is definitely something that should be done before the time comes. Although many Louisiana residents may need help, Medicaid planning isn’t always that straightforward and there may be some hurdles to overcome in the qualification process. After all, Medicaid eligibility is dependent on a number of things and one of the most important involves finances.

Medicaid is not just for the elderly. It can also be for infants, young adults with special needs who are living with their parents or the working disabled. Some people can qualify using a modified adjusted gross income calculation, which is income after tax deductions. There are certain things that do and don’t qualify as income and an attorney can assist clients in determining what those are.

The Affordable Care Act has helped millions of Americans qualify for Medicaid. Those who are married will share in some of their partners’ assets, which will be calculated when applying for the program. Rules in this regard vary from state to state. However, those who have many assets will need to liquidate some of them in order to qualify for Medicaid.

An experienced Louisiana estate planning attorney can help his or her client with Medicaid planning issues. A lawyer knows the ins and outs of any laws that go along with such planning and is able to advise and guide clients accordingly. Assets also play into Medicaid coverage and a lawyer is able to help his or her clients to determine how they figure into applying for Medicaid coverage.  

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