Common Medicaid Planning Mistakes
Cincinnati Medicaid attorneys can help you to make a Medicaid plan that allows you to qualify for Medicaid coverage. This is vitally important because Medicaid can cover many things that Medicare will not pay for. While many people assume Medicare is going to take care of all of their health needs once they become a senior citizen and qualify for coverage, this is simply not the case.
Medicare has premiums that must be paid, it has co-insurance costs, it has significant coverage limitations, and it won’t pay for most kinds of nursing home care. Medicaid, on the other hand, can help pay for premiums and other expenditures and it will pay for care in nursing home or long-term care if you need it.
Medicaid is means-tested, which means that if you are too wealthy, you are not going to be able to get benefits through Medicaid. The outcome of this ends up being that you cannot get covered, you spend your money on care and even sell some assets to pay for the healthcare services you need, and eventually you are impoverished enough to get Medicaid to pay for you. This is a really bad outcome, because you do not want to end up having to spend your life savings and you don’t want to lose your legacy just because you have the unfortunate luck of needing nursing home care or other costly medical services that you cannot afford.
You can avoid this outcome by making a Medicaid plan, but many people make mistakes in the planning process or don’t make a plan at all. You don’t want to be one of those people, because as long as you have no Medicaid plan, your assets are at risk. Zimmer Law Firm can help you to make a plan that works to protect the maximum value of your assets, so give our Cincinnati Medicaid attorneys a call today to find out more about the ways in which our legal team can assist you.
Top Medicaid Planning Mistakes
There are many different kinds of Medicaid planning mistakes, but some of the most common include:
- Waiting too long to make a Medicaid plan. Medicaid has a five-year lookback rule. If you made a transfer of assets within five years of the time you’re applying to get Medicaid to pay for your nursing home care, you could face a period of disqualification from coverage.
- Using the wrong types of asset protection tools. Many people assume they can make a living trust and this will keep their wealth safe from Medicaid. This is likely not the case. With a living trust, you keep control over assets and the assets will generally still count as resources for purposes of determining whether or not you will be able to qualify for Medicaid coverage.
Any of these errors could end up resulting in a substantial loss of assets, making it more difficult for you to leave the legacy that you wanted for your loved ones. Mistakes in the Medicaid planning process can be avoided with the right legal advice, and there is no reason not to take steps today to reach out to Cincinnati Medicaid planning lawyers who can advise you.
How Can Cincinnati Medicaid Planning Lawyers Help You Avoid Errors?
Zimmer Law Firm will work with you to determine if you will need a Medicaid plan based on your assets and whether you have any type of long term care insurance coverage. If you need a plan, we can assist you in using different legal tools, such as irrevocable trusts, to protect as much wealth and property as possible. The specific tools you can use will vary depending upon the kind of property owned as well as depending upon when you need nursing home care so it is best to talk with a member of our legal team and find out the details about what we can do for you.
Getting Help from Cincinnati Medicaid Planning Lawyers
Cincinnati Medicaid planning lawyers at Zimmer Law Firm will assist you with all aspects of the Medicaid planning process. We know how to work within the law to ensure that you can qualify for Medicaid coverage when you need it and we will make certain that you make full and effective use of all legal tools that can help you to protect your assets.
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 to get personalized advice on your planning process. Call today so you don’t make mistakes that could cost you.