You should make certain that your parents have talked with a Medicaid lawyer. If you do not know whether your parents have a Medicaid plan in place or not, you should ask them. If your parents haven’t made a Medicaid plan, you and your family could end up having to supplement the costs of their nursing care. Important family heirlooms and valuable property and assets could also be lost if your parents need nursing home care and have not made a Medicaid plan.
Zimmer Law Firm provides assistance with the Medicaid planning process. Our legal team works with individuals and families to understand Medicaid qualification rules, to determine if qualifying for Medicaid is going to become important to them, and to use legal tools to make certain of Medicaid eligibility when coverage is needed.
Give us a call today to find out why it is important that your parents talk with an Ohio Medicaid lawyer about making plans to qualify for Medicaid if they need it.
Why It is Important to Talk with a Medicaid Lawyer
It is important to talk with a Medicaid planning lawyer because Medicaid is the only way for nursing home care to be paid for in the vast majority of cases. Unless skilled medical services is needed, Medicare and private insurers typically don’t pay anything towards nursing home care. Even when skilled care is called for, Medicare and private insurers may cap the amount of time they’ll pay for nursing home care.
This means if your parents need nursing home care, Medicaid will have to pay for it or your family will. If your family ends up having to pay, your parents could be forced to sell valuable family heirlooms and spend down cash which should be their legacy and your inheritance. You may also end up having to help your parents to cover all of the costs that can be associated with nursing home care.
Far too many families do not make a Medicaid plan and see an entire lifetime of saving and building up a nest egg wiped out in a matter of weeks or months. Nursing home care can cost in excess of $100,000 a year and very few families can afford to comfortably pay for this expensive care. Your parents may not be aware that their wealth is at risk, so you should talk with them about whether they have made a Medicaid plan. If they haven’t, help them to get in touch with a Medicaid lawyer who can assist with the planning process.
When Should Your Parents Talk with a Medicaid Lawyer?
Your parents shouldn’t wait to talk with a Medicaid planning lawyer. Medicaid has a five-year lookback rule aimed at preventing Medicaid planning. If assets are given away, sold under their fair value, or transferred within five years of the time when a Medicaid application is submitted, this creates a period of disqualification from Medicaid nursing home care coverage.
If your parents cannot qualify for nursing home care paid for by Medicaid because of the five-year lookback rule, they may still need care but just not be able to afford to pay for it. Your parents could be forced to sell family property and assets which should be a part of their legacy. Your inheritance could be in jeopardy, and if only one parent has to go into a nursing home, life could become harder for the other parent. If your parents cannot afford care, you could end up having to chip in or having to take care of them in your home until they become eligible for Medicaid and can finally get the nursing home care they need.
All of these consequences are undesirable consequences that you and your family should not have to deal with. If you talk with your parents about making a Medicaid plan long before they need nursing home care, you can protect them and can protect their legacy and your own financial freedom.
Getting Help from A Cincinnati Medicaid Planning Lawyer
Zimmer Law Firm can assist your family in making an assessment of your financial situation and insurance coverage in order to determine if a Medicaid plan is necessary. We also help families to make a Medicaid plan so their assets and legacy are protected.
To learn more about why Medicaid planning is so important, download our estate planning checklist. You can also give us a call at 513.721.1513 to talk with an experienced attorney about the Medicaid planning process and to get personalized assistance with the creation of a comprehensive Medicaid plan appropriate to meet your family’s needs. Call now to get started.