When it comes to Medicaid planning, you are going to be faced with a number of important questions. While some people have a solid grasp of what this entails, others are lost and looking for answers.
One thing to consider is consulting with an estate planning attorney as soon as you come to realize the importance of Medicaid planning.
There are several frequently asked Medicaid planning questions to address. Some of the most common include:
1. What is Medicaid planning? In short, this is the process of developing a plan to allocate your assets in a manner that will prohibit Medicaid from taking them into consideration when determining your eligibility.
2. How come some people overlook the importance of Medicaid planning? Despite its importance, many have never heard of this for one reason or the next. Since most people don’t have knowledge of the process, they never look into what it can do for them.
3. Is Medicaid the same as Medicare? It is a common myth that these are one and the same. Medicare is health insurance for people age 65 and older. It is meant to pay for doctor visits, hospital stays, and medical testing.
Medicaid, on the other hand, is health insurance for people who have limited income.
4. Am I eligible for Medicaid? This depends on a variety of factors, including your income, where you live, and other requirements. For more information on your state’s Medicaid requirements, contact a local estate planning attorney.
Note: you can also visit Medicaid.gov for information on eligibility.
There is no denying the fact that Medicaid planning can be complex. There is no denying the fact that you are going to have questions. Before you opt against this process or make decisions that may not benefit you in the future, consult with a qualified attorney who can answer your questions and steer you in the right direction.