Medicaid—Planning Ahead Strategies

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MedicaidPlanning Ahead Strategies
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Although it may not seem possible there are ways
that you can plan ahead for Medicaid. In many
instances, it is a misconception that you must
diminish all your assets and income in order to
get Medicaid. This is not always the case to
become eligible for Medicaid. To help plan for
the future and make sure that your medical
expenses will be covered here are some strategies
to follow.
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Nursing home costsOn average the stay in a
nursing home is 835 days according to the
National Care Planning Council. The monthly cost
can range from three to thirteen thousand dollars
a month. Based on thirty months this comes to
ninety to three hundred ninety thousand dollars.
Looking at these figures you can see why it is
smart to plan ahead because most likely the
prices per month will rise instead of fall in the
future. If planning is not done for receiving
Medicaid the financial burden can be massive,
especially if you do not have the funds to meet
the monthly expenses because what you cannot
cover will be covered generally by family
members. Although each state has eligibility
guidelines for Medicaid that could be slightly
different, the most important eligibility factors
will be income and assets. To become eligible to
receive Medicaid benefits almost all of your
assets and savings will have to be depleted.
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Estate planningTo make sure that your estate
planning is done correctly it is best that you
contact a Medicaid planning attorney Toms River.
They are knowledgeable in what the exact
requirements are in regards to Medicaid and will
help you with your planning strategies. It is a
personal choice if you decide to do estate
planning but it will help you decide how you want
to spend your money and divide up any assets
instead of having the decisions made for you by
others.
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Irrevocable trustsThese are trusts that
generally cannot be changed by the one that
created it. It is an asset that if properly
structured and funded it can protect assets from
being a resource for Medicaid. When planning
for Medicaid Red Bank NJ they can be extremely
useful however, any transfers to an irrevocable
trust is subject to the five-year look-back
period. In some cases you can place real estate
into an irrevocable trust that will preserve tax
benefits but you do this the control over the
property.
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