At some point, you may realize that you or a family member qualifies for Medicaid benefits. Even if you don't find yourself in this position right now, it's important to plan for the future.
This is where Medicaid planning comes into play. Here are some of the many goals associated with this process:
-- To provide for your personal long-term care needs, as well as those associated with your spouse and/or children.
-- To preserve assets for your family.
-- To take advantage of all available sources for paying for long-term care.
-- To ensure that you don't jeopardize the ability for a disabled family member, such as a child, to receive Medicaid benefits in the future.
As you can see, there are many reasons to focus on Medicaid planning. If you don't tackle this detail at the appropriate time, it could cost you the ability to receive this government benefit in the future.
It's critical to understand the primary goals of Medicaid planning, as this goes a long way in helping you decide which steps to take and how to avoid the most common mistakes.
Since the Medicaid system is always changing, since each state has different eligibility requirements, you need to know exactly what to do and when to do it.
By taking the right Medicaid planning steps, you never have to worry that you'll miss out on this government benefit. Instead, you can put yourself and/or your family in position to receive benefits when the time comes. All you have to do is learn about the finer details of the system and where you fit in.
Source: FindLaw, "Long Term Health Care and Medicaid Planning," accessed March 27, 2017