Medicaid Application Help & Assistance
Why should a family consider Medicaid planning? Let’s consider four different scenarios.
- One spouse only requires care
Caring for one spouse can exceed a couple’s total resources including the net value of their home. Protecting the healthy financially and to allow him, or her to remain living within the home, a separation of resources is necessary, and CAN be complicated. Qualifying for Medicaid can be critical therefore, working with a Planner is advised.
- Both Spouses are in need of care
Long term care expenses for two individuals could bankrupt a typical family very quickly. The financial and caregiving burden placed on the adult children if a Medicaid denial is issued, can be substantial. Many adult children, have their own children that they are caring for, and therefore may be overwhelmed. A Medicaid plan for the family to follow is critical at this juncture.
- Long Term Planning for a Healthy Couple
For most families preserving or leaving a financial “legacy” to their children and grandchildren is of the utmost importance. Many families without an immediate need for care, are more likely to plan themselves without professional guidance. Though when considering Medicaid, a mistake in planning can impact the eligibility for as long as 5 years. For those families lacking confidence in their family’s ability manage complex financial and legal techniques, using a Planner is advised.
- Single with No Assets and limited income
A planner is not recommended as there are no “real” financial or assets to plan for. It is advised that the elder consult with a Medicaid placement expert so that the application is done correctly.
Pat can provide you with Medicaid application help and more. Contact him today.
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