Indianapolis Medicaid attorneys can assist you with qualifying for Medicaid coverage in situations when healthcare becomes too expensive or if you need nursing home care and cannot pay for the care. Many seniors come to rely on Medicaid as they get older, because Medicare is not as comprehensive as people think it is before they begin to receive coverage though Medicare. 
Medicaid is also one of the only ways to pay for nursing home care, which is very costly and which Wall Street Journal indicates that more than 70 percent of people 65 and over will end up needing at some time during their lives.
Unfortunately, qualifying for Medicaid could require you to spend down your wealth to get covered when you need it, which means missing out on your opportunity to leave a legacy. This spend-down process can often be avoided, and at least some of your assets can be protected, if you work with Indianapolis Medicaid attorneys. You need to take action early if you want to protect the maximum value of your assets, so contact Frank & Kraft today to find out how we can help.
When Should You Talk with Indianapolis Medicaid Attorneys?
It is important to talk with Indianapolis Medicaid attorneys long before the time when it actually becomes necessary for you to qualify for Medicaid. Medicaid is a means-tested program, and there are limits for maximum income as well as for the maximum assets you’re allowed to own. If you have too many countable assets, you won’t be allowed to qualify for Medicaid until you’ve spent down those assets. This could mean impoverishing yourself if you require Medicaid to pay for your care.
It is possible to make a Medicaid plan so you don’t have to impoverish yourself. A comprehensive plan will typically require you to transfer the ownership of assets into an irrevocable trust or to otherwise restructure the ways in which you own you assets. Unfortunately, changing asset ownership can actually trigger a period of disqualification from accessing Medicaid benefits.
There is a five-year lookback rule used to determine Medicaid eligibility. If you made asset transfers within five years of when you apply and require coverage, you’ll be disqualified for a set number of months determined by dividing the value of assets transferred by average nursing home care costs where you live.
If you want to get Medicaid to begin paying for your care exactly when you need coverage and you don’t want to have to worry about having to spend your wealth first, you’ll need to work with an experienced attorney to make a Medicaid plan at least five years prior to trying to qualify for Medicaid to cover you. While you may be able to protect some of your assets if you take action closer to the time when you need Medicaid to cover you, you take the risk of losing much more of your wealth than you would have if you’d worked with an experienced attorney to make your Medicaid plan earlier.
Why is Making a Medicaid Plan Important?
Making a Medicaid plan is vital because you want your money and property to be yours to do what you’d like with at the end of your life and after your death. If you have not made plans to protect the assets you own, this may not happen. If you require nursing home care, Medicare likely will not pay for care.
Medicare covers a limited period of time in a skilled nursing facility only, and this coverage is available only if you require specialized care. For most people who go into a nursing home to get custodial care, or basic help with daily activities necessary to live, Medicare will not pay anything for nursing home care. If you don’t have a Medicaid plan, you could be forced to pay thousands of dollars out of your own pocket for care. This could be avoided by making an asset protection plan early on before care is needed.
Getting Help from Indianapolis Medicaid Attorneys
Indianapolis Medicaid attorneys at Frank & Kraft can assist you in determining what your options are for covering the costs of nursing home care. We can work with you to protect as many of your assets as you can, based on what kind of property you own and when care is needed, among other facts. To find out more about how Medicaid planning fits in with estate planning, join us for a free seminar. You can also give us a call at 317-684-1100 or contact us online to get personalized assistance with all of your questions about qualifying for Medicaid coverage.
Paul A. Kraft, Estate Planning Attorney
Mr. Kraft assists clients primarily in the areas of estate planning and administration, Medicaid planning, federal and state taxation, real estate and corporate law, bringing the added perspective of an accounting background to his work.
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