If you think that you will need Medicaid to cover your long-term care needs in the future, it is imperative to speak with elder law attorney to discuss your estate plan. Medicaid has very strict requirements and limitations, and leaves you with such a small amount of income when you do need it, that certain necessities can be overlooked.
Medicaid planning allows you to have funds set aside that do not impact your ability to qualify for Medicaid, but allow you to have the money you need to cover things Medicaid does not cover. In short, Medicaid planning helps to improve the quality of life of you and your spouse when the need for long-term care approaches.
A solid estate plan will protect your assets so that your surviving spouse or children will not be left with financial hardships. It will also ensure that assets are protected to cover things like glasses and hearing aids that may not be covered by Medicaid.
Your estate planning should include determining power of attorney and estate recovery. Spend down strategies are also important if you plan to utilize Medicaid. All of these aspects can be handled with the help of an experienced elder law attorney that is familiar with navigating the rules and regulations of Medicaid. It’s never to early to start planning.
