Medicaid planning attorneys help elderly people who have long-term care benefits. Because of their experience in Medicaid planning, they know the rules and regulations that govern the program. Also, these lawyers determine strategies to help families get and maintain eligibility for Medicaid benefits. Hiring a great Cherry Hill Medicaid planning attorney offers families the following benefits:
Penalty Avoidance
Medicaid penalties are quite common for those who try to complete their Medicaid application without legal assistance. Applicants need to answer several questions to determine if they have made disqualifying asset transfers that would lead to penalties. By hiring a planning attorney, an applicant can avoid facing penalties that can prevent them from getting benefits.
Spend-Down Process Guidance
To qualify for Medicaid, a lot of couples should take part in the Spend-Down process. This process involves saving assets if only one spouse requires it. This ensures the spouse who needs long-term care gets the aid they need while ensuring the other spouse can stay in their house and cover the living expenses. A lawyer can help make a personal care agreement that allows an elderly spouse to give monetary compensation to their family caregiver while they engage in the Spend-Down process. Additionally, the lawyer can help rename real estate titles and bank accounts to improve the eligibility of an applicant.
Importance of Medical Planning
Medicaid planning ensures you can cover nursing costs without spending all your assets down. It can protect your assets from the possible impact of long-term care on your finances. Long-term care expenses can be quite expansive. And a person who belongs to the middle or upper class may have saved money their whole life and think they can afford whatever life events they have to suffer from. However, things can easily change when these people suffer from a condition that requires long-term care such as a stroke, Alzheimer’s disease, heart attack, and Parkinson’s disease. With these conditions, they would need someone to help them with activities of daily living. When these conditions leave them incurring a six-figure expense per year, they could lose what they have saved.
It is important to know that there is a limit to what and when paid in terms of skilled nursing home expenses. A reliable planning attorney can protect your assets to get you qualified. They help clients get long-term benefits before they can be forced into poverty. Medicaid helps supplement your lifestyle using your own assets and you may have something to pass on to your beneficiaries when you die. Without an attorney on your side, you may not be able to take advantage of all the options and benefits available to you.
Awareness of the Medicaid Lookback Period
During a lookback period, an applicant must present their financial records and the records of their spouse. A lookback period in nursing homes is often around 5 years. It is required for those who are in the Medicaid Buy-In for Working People with Disabilities. People whose income is below the state’s bracket are not required to take part in the lookback process. Applicants must not give their assets away or sell them below the fair market price because this can make them ineligible for coverage. An experienced attorney is aware of all the transactions made during the lookback period to make sure a client does not face penalties that would delay their qualification for coverage.
Medicaid planning lawyers assist clients in filling out all required paperwork and outline the steps when they fill out the eligibility application. They will advise clients not to wait until they urgently need Medicaid coverage since it can be quite hard to get financial aid in this short amount of time. The application process is long and requires planning to ensure the best outcomes. Thus, it is important to start the planning as soon as possible with a trustworthy Medicaid planning attorney.
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