FREQUENTLY ASKED QUESTIONS
What is Medicaid?
Medicaid is a need-based medical assistance program that is administered by federal and state governments. The program is aimed at helping low-income families, the elderly, people with disabilities and individuals under other drastic circumstances to afford or have free access to necessary medication. Medicaid provides a range of medical services, but you must be eligible to apply. See here for the current eligibility rates (Medicaid Income Standards for 2021 , Regional Medicaid Rates for 2021). Whereas Medicare is mostly automatic after you reach age 65, it only pays for your care temporarily. Medicaid is long-term, permanent coverage in the event you need to be placed into a nursing home or should you require in-home health aides. Proper planning with the experienced attorney’s at the Falcone Law Firm will maximize health care coverage and preserve your family’s assets from a Medicaid lien.
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What are the Benefits of Medicaid Planning?
While we encourage our clients to first seek out Long Term Health Care insurance, policies can become very costly as you age and you may not get all the coverage you need when the time comes. We can advise you on the benefits you should require from your insurance agent if you decide to buy this kind of insurance. Without Medicaid planning and/or long term care insurance, you can expect to spend thousands on your own care as you get older. Medicare Co-pays alone can be nearly $200 a day if you are hospitalized more than twenty days. Because long-term health care can be very expensive and nursing home care can exhaust your life time savings very quickly, you should be pro-active and get expert advice from a reputable elder law/estate planning law firm. To avoid the financial burden by making your assets and income inaccessible, consider Medicaid Planning.
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What can a Medicaid Planning Attorney do for you?
At the Falcone Law Firm our experienced Medicaid Planning attorneys evaluate your financial situation, advise on available options to obtain Medicaid coverage, provide you with legal advice to help preserve your life savings, income and estate against creditors, and help obtain for your loved ones the care they need and deserve.
Medicaid planning is a very complex process, and the application process can be time consuming and regulations can change rapidly. The consequences of being denied by Medicaid can often be severe and may have negative impacts on the security and health of the individuals applying for help. Therefore, consulting with an attorney or professional Medicaid Planner is highly recommended.
When should I contact a Medicaid Planning Attorney?
Early planning is the key to preserving your assets, allowing you to make lifetime gifts to family members or to a trust, thereby assuring your assets will not be spent down on the costs of your health care or paid to the government. The current look-back period is five years, meaning that individuals and families must plan five years before a health care crisis occurs. Early Planning allows you to keep your options open whether for home care, or nursing home care.
There are different rules for transferring assets based upon family composition and the type of care required. Spouses have special rules that allow for exempt transfers of assets. In addition, the laws currently governing Medicaid Home Care benefits are different from the laws governing Medicaid nursing home benefits. Our firm will meet with you and prepare a custom plan designed to save your assets and ensure Medicaid benefits if and when the time comes.
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