Why is it important to contact a planning attorney specializing in Medicaid?

Why is it crucial to remain knowledgeable about medicaid planning?
What is Medicaid Planning and what does it entail?

Medicaid Planning involves “Planning”. Not just becoming eligible.

So some of the penalties that can be involved in improper Medicaid planning are that you can really hit a disqualification period, where you basically may be up against a disqualification period that goes for years. Because if you do something like give away assets and then you can’t get them back or they got spent by a family member, or you sold your house and gave the proceeds to your kids, those types of penalties, the penalty periods can be quite extensive. There are ways to offset that, however, if you do it before you apply. So you want to make sure that you contact a Medicaid planning attorney before you make an application, not after, because once that disqualification period is applied, it is difficult to undo it.

So medicaid planning is a complex and procedural process, but it’s essential to have the assistance of a legal professional because there are specific documents and agreements that need to be prepared and adhered to. If you’re engaging in medicaid planning, it’s crucial to consult with an attorney who specializes in this area of law. They handle numerous medicaid planning cases and demonstrate a solid understanding of the subject matter, as it is highly intricate and subject to frequent updates. Personally, I devote around 15 to 30 minutes each day to stay informed about the latest developments in medicaid through various online discussion forums. Therefore, it’s of utmost importance to seek the guidance of an attorney who remains updated on the laws and ever-changing regulations.

Medicaid is a federal program that covers the costs of nursing home care. Medicaid should not be mistaken for Medicare, which generally does not cover prolonged nursing home care. Medicare is a program that individuals contribute to during their employment tenure, whereas Medicaid is a means-tested program aimed at assisting economically disadvantaged Americans with medical expenditures.

Medicaid Planning involves developing a set of legal documents and strategies that will help you meet the income and asset limits set by Medicaid.