Why Medicaid Planning Is So Important
Most seniors depend on Medicare to provide the coverage for their healthcare costs they need to protect their financial stability and assets. However, there are many major healthcare costs Medicare does not cover. Additionally, some people will need access to expensive medical care before they are eligible to begin receiving Medicare benefits.
Medicare isn't enough
Medicare is a health insurance program run by the federal government to help pay medical costs for people over the age of 65 and younger people with disabilities. While Medicare covers a lot of health care expenses, it does not cover everything in full and some things, such as long-term care and nursing homes, are not covered under Medicare at all. Medicaid on the other hand does cover the costs of long-term care and nursing homes. The additional costs which are not covered under Medicare are large and add up quickly, so you might need the additional aide of Medicaid to pick up costs where Medicare leaves off.
Medicaid laws are complex
Medicaid is a joint healthcare program run between the federal government and the state. While the federal government helps fund Medicaid, the Medicaid program is run by the states, and each individual state has their own rules and laws describing how the program is to be ran. Each state is responsible for determining their own eligibility standards, but generally speaking eligibility is based on a person's income and available assets. With the right estate planning aide from an experienced estate planning attorney, many people whose income and assets leave them right on the line between being eligible or ineligible for Medicaid are able to qualify.
Proper Medicaid planning protects your assets and financial legacy
Even though there are complex laws regarding Medicaid eligibility and complex rules throughout the Medicaid application process, careful planning by a skilled Medicaid planning attorney could help you qualify for the Medicaid program, even if you think your income is too high or you have too many assets. Thorough Medicaid planning is made up of many services from something as simple as collecting information and preparing documents for the application to as complex as restructuring financial assets to maximize eligibility. Having the guidance of a trusted counselor is crucial when working through the Medicaid application process as qualifying for the program protects your long-term financial stability and also protects the assets and financial legacy you intend to leave behind for your beneficiaries.
While you may not think you need Medicaid coverage now, an unexpected illness or catastrophic accident can leave you facing enormous healthcare costs you can't afford. The best time to prepare for these unexpected healthcare costs is before you are faced with them. The compassionate Overland Park Medicaid planning attorneys at Stockton & Stern, LLC. have the experience necessary to be your trusted advisors through every season and change of life. Our lawyers are well-versed in today's Medicaid and estate planning laws needed to protect your income, assets, and your family's financial future. To schedule an appointment to speak with one of our trusted Medicaid planning advisors call us at 913-856-2828 or contact us online today.