As people age, they must plan for the future. They often try to make sure their career prepares them for a stable financial future. Not only is this important during one’s career, it is important for after retirement as well. When funds are no longer streaming in due to one’s retirement, it can be hard to cover the cost of all the necessities that you have grown used to. If your retirement plan does not cover the cost of health care insurance, you may have to consider Medicaid. Medicaid pays the full cost of medical care with specific care providers that qualify. In order to find out if you are eligible to obtain Medicaid, it is best to consult with our professional attorneys to get the answers you need.
What does Medicaid cover the cost of?
Medicaid is supposed to cover the full cost of medical care. However, only certain care providers qualify under Medicaid. It is made to also cover the cost of assisted living facilities and nursing homes. Medicaid serves a great purpose. It is made to help those in need of this care, but who cannot otherwise afford it. Since one’s health is a top priority, it is important to explore all your options when seeking medical care. However, there are strict eligibility requirements for those who wish to acquire Medicaid.
When should I prepare?
In order to plan for Medicaid, you should prepare as soon as possible. This can give you the best chance at obtaining this care by meeting all the requirements. To prepare, it is necessary to restructure your assets. When doing this, the advice of an attorney can be of great use. They can help you decide which methods to use to help plan by seeing what works in your best interest. Since the eligibility requirements are strict, legal counsel can help decipher what method would work best for you.
How can I protect my assets?
To be eligible for Medicaid, individuals cannot have many assets that add up to a significant financial value. The depletion of their financial assets is important in meeting the qualifications for receiving Medicaid. However, you cannot make certain asset transfers within five years of applying for Medicaid benefits. If this is done, you may face serious consequences. This may include fines and it could compromise your eligibility to receive Medicaid.
Although being eligible for Medicaid means you may not possess significant assets, there are ways to protect your assets. In order to become eligible, you can gift your assets to family members, employ irrevocable trusts, transfer the home to intended beneficiaries, establish a contract for caregiver-child, purchase immediate annuities or spend down assets. By spending down assets on preparations for funeral expenses, paying off mortgages and debts, making home repairs or purchasing a new vehicle, it helps to deplete your financial assets.
Zimmet Law Group, P.C. is an experienced team of attorneys guiding clients through matters of estate planning and administration, divorce and family law, real estate, commercial litigation, business law, bankruptcy, and landlord-tenant law. If you require the services of an effective New York City attorney, contact our firm today to schedule a consultation.