Indianapolis Medicaid attorneys can provide you with invaluable assistance understanding the Medicaid program, learning why you may need Medicaid, and helping you to become eligible for Medicaid when you need it. Many people have misconceptions about Medicaid that could cost them, and you need to make sure you talk with Frank & Kraft when you make plans for your future so you can understand how and why Medicaid may become important to you.
You should give us a call to talk with Indianapolis Medicaid attorneys to get personalized one-on-one advice about the Medicaid program and to get help ensuring you can get covered if you need Medicaid to pay for your care. You can also read on to learn five key things that Medicaid lawyers wish people knew about the Medicaid program and the importance of making a Medicaid plan.
Medicaid Isn’t Just for Low Income People
Many people think that you only need to worry about getting Medicaid if you are low-income. The reality is, more than 6 million seniors rely on Medicaid — even many seniors with Medicare coverage as well. Medicaid covers many things that Medicare does not cover and Medicaid can provide much more affordable care if you have serious medical issues. You want to work with an experienced attorney to find out if you might need Medicaid to cover you in the future because, if you do, you need to ensure that you have a plan in place to get covered.
Medicaid May Be the Only Source of Nursing Home Care
One of the big reasons why so many seniors rely on Medicaid is because Medicaid is usually the only third-party source of payment for nursing home care. Long-term care insurance can pay for nursing home care but it’s usually too expensive for most people and there are coverage limitations that could mean you end up paying out of pocket anyway.
Medicare and private insurance cover only skilled nursing care and only under limited circumstances; they do not cover the kind of care most people need when they move to a nursing home. Custodial care, the care that is typically required by nursing home patients, is usually covered only by Medicaid — which means if you can’t get Medicaid, you’ll have to pay privately.
Medicaid Planning Could Help You to Protect Your Important Assets
The cost of a nursing home or of getting long-term care at home is extremely expensive. If your insurance does not cover these costs and you are forced to pay out of pocket because you cannot get Medicaid to pay for the costs of your care, you will lose your life savings in a matter of months in most cases. You could be deprived of the chance to provide a desired legacy to loved ones if you end up having to pay for your nursing home care or long-term care, so you want to make sure this doesn’t happen by creating a Medicaid plan so you can get covered when you need to.
Medicaid Planning Needs to be Done In Advance of the Time You Need Care
It’s important to act in advance of the time you actually need Medicaid to cover the costs of nursing home care because of the five year lookback rule. Medicaid will review five years of transactions dating back from the time you need coverage. If you transferred or gave away assets for less than fair market value, there’s a period of disqualification that will apply until you can get Medicaid to pay for nursing home. While there are crisis planning techniques that help you limit the money you will lose, it is far easier to protect all of your assets if you act in advance of the time you need care.
Making a Living Trust Won’t Help You to Protect Assets if You Need Medicaid
Many people think if they transfer assets to a living trust, those assets will be owned by the trust and will no longer count as assets that could disqualify you from getting means-tested Medicaid benefits. This is not true. You don’t want to make a mistake and think that your assets are protected when they aren’t, which is why it is so important to work with a qualified Medicaid planning attorney who can help you to use the right asset protection tools.
Getting Help from Indianapolis Medicaid Attorneys
Indianapolis Medicaid attorneys at Frank & Kraft will provide the personalized help and support you need to make a comprehensive Medicaid plan that protects your assets and ensures you can get the care you need. To find out more about how we can help with the Medicaid planning process, join us for a free seminar.
You can also give us a call at 317-684-1100 or contact us online if you are ready to get your Medicaid plan underway. Don’t wait until it is too late — call now to talk with a compassionate and knowledgeable member of our legal team about getting your Medicaid plan started.
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