Medicaid: What do I need to know?

Medicaid can pay for your or your loved one’s long-term care needs if you qualify. The first step in Medicaid planning is education. The more you know about how Medicaid works, the better you will be able to look out for the interests of your family.

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There are several considerations to remember:

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• It’s never too late. Medicaid planning can begin anytime, even if your loved one is already living in a skilled care facility.
   

• You can keep your home. If you’re married, widowed or unmarried, your house may be exempt if you follow certain procedures.
   

• Don’t give away the store. Since major changes to laws in 2006, “gifting” away your assets will create unforeseen circumstances for years. Far from protecting yourself, you will be undermining your own security.
   

• Mind those safe harbors. Congress has created a number of “safe harbor” provisions for
  protecting your assets. These exempt certain assets and allow transfers to children or siblings who meet certain eligibility requirements, as well as putting assets in certain kinds of trusts.
   

• Carefully choose when you apply. Rule of thumb: Do not apply for Medicaid without a plan to ensure you qualify.
   

• Get the right help. Medicaid planning is a complex matter. You need expert assistance to keep your assets safe. Be sure to find legal counsel who limits their practice to this area – someone with proven expertise in Medicaid law.
   

The best advice we can give you is this: Start planning now. It is important to consult with a legal professional who can provide insight into your specific situation. No one knows what the future will bring. The sooner you start preparing for your golden years, the fewer surprises there are likely to be. And a little planning now can make a big difference for you and your loved ones later on.

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Contact us via email at info@quinnestatelaw.com or by phone at 636-394-7242 for immediate assistance and to schedule your free one (1) hour consultation today to see how we can help with your family’s goals.