Burlington Medicaid planning attorneys at Unsworth LaPlante, PLLC can help you to prepare a plan to get covered by Medicaid if you need care. We help you to ensure that your life savings is not lost if you get sick and need to move to a nursing home or long term care at home.
Unfortunately, far too many people do not realize how important Medicaid planning is to protecting their wealth as they get older. You don’t want to make this mistake so you should reach out to Unsworth LaPlante, PLLC for personalized advice on whether you need a Medicaid plan and for assistance creating a plan that will keep your assets safe. You can also read on to find out some key things that Burlington Medicaid planning attorneys wish people knew.
Medicaid Isn’t Just for People With Low Income
Far too often, people do not make a Medicaid plan because they think they will not need Medicaid. It’s a common misconception that Medicaid just provides care for low-income people. In reality, it is important for middle class and wealthy people to make sure they can get covered by Medicaid if they need nursing home care.
Nursing homes can cost thousands of dollars monthly and won’t be covered by Medicare or private insurance in most cases, since most people who need nursing home care need custodial care which isn’t paid for. Only skilled nursing care is covered, and even then it is covered only under limited circumstances. Middle class and wealthy families could be forced to impoverish themselves paying for nursing home care if they cannot qualify for Medicaid because it is means-tested.
Making a Medicaid plan allows families to ensure they can qualify for Medicaid coverage when they need it, despite strict Medicaid asset tests. Unsworth LaPlante, PLLC helps you to ensure that you will be able to get covered.
You Still Need Medicaid Even if You’re Covered by Medicare
Another big reason why people don’t make a Medicaid plan even when they need one is because they think that Medicare will cover them and pay for what they need. While seniors do get covered by Medicare once they turned 65 in most circumstances, Medicare’s coverage is not as comprehensive as many people think that it is.
For example, Medicare doesn’t cover nursing home care or long term care at home. Medicare also has high premiums and high coinsurance costs which can cost too much for many seniors to pay for. Medicaid not only will pay for nursing home care under circumstances not covered by Medicare but it will also help to cover premiums and coinsurance costs in certain circumstances.
You Need to Use the Right Tools to Protect Assets In Your Medicaid Plan
Another big mistake people make in the Medicaid planning process is that they use the wrong tools or take the wrong steps and think their assets are protected. For example, if you have made a living trust, you may think that you are going to have your assets protected because they have been transferred to the trust. The reality is that this is not necessarily the case and your wealth in the trust could still count in determining if you’re eligible for Medicaid. Giving assets to your children also will not help you to protect your wealth in most circumstances, so you need to make sure you work with an attorney to understand the right way to make a Medicaid plan.
Making a Medicaid Plan Early is Important
Finally, it is important to make your Medicaid plan early well before you need care. Because of the five year lookback rule, you could end up being disqualified from Medicaid coverage for a period of time.
Getting Help from Burlington Medicaid Planning Attorneys
Burlington Medicaid planning attorneys at Unsworth LaPlante, PLLC will work closely with you to ensure that you have the right plans in place to protect your future. We can provide the help and support you need to make effective use of legal tools to protect your wealth in case you need nursing home care or long term care at home.