Planning for healthcare costs in retirement is important for everyone. If you are on or planning to be on Medicaid, planning ahead is even more important.
Medicaid includes financial eligibility requirements, which is one of the big reasons it is so important to plan ahead. Not to mention that you shouldn’t take anything for granted when it comes to your health or the health of your elderly loved ones.
What is Medicaid planning?
If you are planning on using Medicaid, or are even just considering it, you need to plan ahead. Many people who are thinking about Medicaid may not easily qualify because of the income requirements. Medicaid planning is ensuring you meet the requirements while maintaining control of your assets.
You’d likely have a lot to lose if you need expensive health care or nursing home services, and working with professionals who can create a proper plan for your finances gives you the best chance to avoid financial hardship.
How to protect your assets
There are wide variety of methods to protect assets when Medicaid planning, including:
- Powers of attorney
- Health care proxies
The goal of Medicaid planning is to create a roadmap that works for you or your loved ones. When you go on Medicaid you will still want to maintain control of your assets, which is why it is important to work with someone who is qualified to help you set up a plan for your assets and health care costs.
Medicaid is complex
Applying for Medicaid is not easy. The requirements are strict and the review process can be long and cumbersome. Minor mistakes in an application could lead to a denial of benefits. Having a Medicaid plan can help ensure the application process goes smoothly.
Prepare for the future
Health care needs and finances can change. A Medicaid plan will help you prepare for elder care and be tailored to your specific needs. Having a plan in place will help you acquire the necessary care while preserving your assets for your family.