Cincinnati Medicaid Attorneys Explain Five Common Medicaid Planning Mistakes
Cincinnati Medicaid attorneys at Zimmer Law Firm can guide you through the Medicaid planning process. Medicaid planning is one of the most important things that you need to do in order to be prepared for the aging process and to ensure that an illness or an injury do not cause financial devastation.
Unfortunately, many people either do not make a Medicaid plan or they make serious mistakes when they create their plans. This can be very costly and damaging and both you and your heirs or beneficiaries can suffer the consequences if you fail to make a Medicaid plan.
Zimmer Law Firm can help you to avoid problems with the Medicaid planning process. We can guide you through the key steps that you need to take to ensure that you have the right plans in place and that your wealth will be secure even if you get sick. You should give us a call as soon as possible to find out how Cincinnati Medicaid planning attorneys can help you. You can also read on to learn about five common Medicaid planning mistakes that many people make.
1. Thinking they won’t need a plan or that Medicare will cover them
Far too many seniors think they will be fully covered for their healthcare needs as soon as they get qualified for Medicare at 65. Unfortunately, this isn’t true. There is a lot that Medicare does not cover, including long-term care services unless you need skilled nursing care. Almost every senior needs custodial care, which isn’t covered at all by Medicare. If you can’t get Medicare or private insurance to pay for your nursing home, you’ll have no choice put to pay out of pocket if you do not qualify for Medicaid. A Medicaid plan works to ensure you can qualify without first having to impoverish yourself in order to be able to get means-tested benefits.
2. Waiting too long to create a Medicaid plan
You may assume if you are young that you have ample time to make a Medicaid plan. But, this isn’t necessarily the case — you may need care sooner than you thought. And, Medicaid employs a five year lookback rule which means that if you made certain transfers of assets within five years of trying to qualify for benefits, you may face a period of disqualification from Medicaid nursing home coverage. You don’t want to put any of your assets at risk by waiting too long so you should get your plans in place.
3. Giving away wealth to try to qualify for Medicaid
Because you can’t have too many resources and still get Medicaid, some people think they can just give money or property away to their heirs or beneficiaries when they want to qualify for Medicaid. This is not the case and, in fact, if you give away assets or transfer property for less than fair market value, this can result in a period of disqualification from Medicaid.
4. Using the wrong tools to make a Medicaid plan
Another common misconception is that you can just transfer assets to a living trust in order to become eligible for Medicaid. You cannot, in fact, do this as the assets held in the trust will still be countable as resources for Medicaid.
5. Trying to handle the Medicaid planning process on their own
Choosing the right tools and putting an effective plan in place is complicated, which is why you should not try to handle it on your own. The stakes are too high.
Getting Help from Cincinnati Medicaid Attorneys
Cincinnati Medicaid attorneys at Zimmer Law Firm will help you to avoid all of the key Medicaid planning mistakes so you can put a solid plan in place to protect the wealth that you’ve spent your life building. You do not want to risk all that you have worked for on the possibility that you won’t need nursing home care, especially when so many seniors do need this costly care. You should reach out to our firm today to get plans in place so you will have the peace-of-mind of knowing you can get the care you need without impoverishing yourself and losing your legacy.
To find out more about how our firm can help you with the Medicaid planning process, join us for a free seminar. You can also give us a call at 513.721.1513 today.