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What Are the Benefits of Medicaid Planning?

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It’s never too soon to plan for your future, and if you foresee any potential need for nursing home care, preparing for Medicaid now may benefit you in the long run. While it may seem unnecessary to plan for your care now, it’s important to understand that nursing home upkeep is extremely expensive, and few people are able to afford it on their own. Our firm can help determine your Medicaid eligibility ahead of time and help you plan for your expenses to protect your financial assets before they are threatened.

Who Uses Medicaid?

Medicaid is a federal and state funded program that assists low-income adults by providing nursing home coverage and health insurance. Coverage is limited by income to ensure only those in need of Medicaid funds will be awarded government assistance. However, proper planning may help you secure qualification if you anticipate the need in your future.

Why Plan for Medicaid?

There are many benefits to planning for Medicaid, but most importantly, it can guarantee you receive coverage when you need it. By ensuring your health concerns will be addressed when needed, you can save on costly hospital visits or nursing home fees down the line. Planning for Medicaid ahead of time could also speed up the application and review process significantly when it comes down to actually applying. Having already gotten the details configured, you’ll likely have a quicker experience than other applicants

Having an established Medicaid plan may also help your spouse or loved ones. If you require nursing home care, you will be able to rest easy knowing your healthy spouse is at home with the financial means to care for him or herself without the burden of exorbitant nursing home fees.

How to Plan for Medicaid

Planning for Medicaid can include any number of financial maneuvers, including transferring certain assets to beneficiaries. If you have funds you intend to pass along to your children or family members, doing so now could not only benefit them but you as well. You may also choose to prepay funeral or burial expenses, which would also lift that burden from the shoulders of your family members after you are gone. The goal is not to give away all of your assets in order to meet Medicaid qualifications, but rather to reallocate or appoint funds earlier to ensure you get the best out of your finances when you need it the most.

For help with Medicaid planning in Jacksonville, Florida, contact Owenby Law, P.A. and request a free initial consultation.