When someone reaches a certain age or faces covered medical conditions, they’re often entitled to government-sponsored Medicaid benefits. These benefits can cover costs related to nursing home living, medical treatment, accessibility needs, and a variety of other expenses faced by the aging population. However, many people are surprised to learn that they may not be eligible for this government program. Reaching the asset or income limit can result in many costs having to be paid out of pocket. This can quickly eat away at a person’s life savings. This is why you should speak with a Medicaid planning lawyer in Tampa today.
At Decker Legacy Law, LLC, our Florida Medicaid attorneys have committed themselves to serving the needs of our clients and their family members. Medical care, nursing home costs, and other expenditures can wreck a person’s financial situation. However, this doesn’t have to be the case. There are a variety of legal ways to protect assets from such expenses. And just because you’re not eligible for Medicaid benefits now doesn’t mean you couldn’t be in the future. Our Tampa Medicaid planning attorneys can help you better understand how to qualify. Contact us to schedule your confidential consultation today.
Who Is Eligible For Medicaid Benefits?
It’s possible to become a Medicaid recipient in a variety of ways. Aging individuals typically qualify for Medicaid once they turn 65 years old. This is important since 65 is around the time that healthcare expenses and the cost of long-term care escalate dramatically. However, Medicaid qualification can also occur if a person is blind or disabled. There are a few other instances that may make someone eligible, but these typically do not apply to elderly individuals. Unfortunately, qualifying for Medicaid benefits won’t always happen even in the most common circumstances. There are some issues that could arise.
In most cases, individuals who would otherwise be eligible for Medicaid are denied because of their asset levels or income. People who pass a certain threshold will often have to privately pay for expenses that Medicaid would typically cover. In fact, these individuals often only qualify for benefits after their assets have been nearly depleted from covering costs related to assisted living facility residency, medical treatments, accessibility tools, and other essential needs. It certainly doesn’t seem fair that you’d only qualify for benefits after your hard-earned savings are depleted. Our Tampa Medicaid planning lawyers can help you avoid this outcome.
What Can Happen Without Medicaid Planning?
Strategies for Medicaid planning purposes are an elder law issue whose importance cannot be overstated. When people are informed of what can happen without proper planning, they often think they’re simply hearing “doom and gloom” predictions. However, the reality is that every potential negative outcome will happen without proper planning. If you don’t meet the eligibility requirements for Medicaid, you’ll end up paying for expenses on your own. Consider just a few of the costs this could entail:
- Nursing home care and assisted living facility expenses
- Cost of long-term care
- Accessibility devices
- Prescription costs
- Diagnostic and screening services
- Dental and eye care
- Hospice care
- Case management
- Home care
The disheartening reality is that these costs are only a drop in the bucket, and most of them are currently on the rise. And if you think that Medicare will cover costs if you’re not eligible for Medicaid, it’s important to remember that Medicare has similar income and asset threshold limits. The reality is that many people — particularly those with moderate to high assets — will need Medicaid assistance. Fortunately, an experienced elder law attorney at Decker Legacy Law, LLC, can help. Contact us for your confidential consultation today.
What Medicaid Planning Tools Are Available?
Clearly, planning to maximize your Medicaid benefits is an important process. Even if you’re not living in a nursing home or assisted living facility, the cost of aging is only going up. Now, the big question is what strategies are available to you. There are a variety of ways to protect your assets, but it’s important to remember that some tools aren’t as effective as others. Additionally, Medicaid has a lookback period that can penalize you if certain actions occurred during a specific period of time. However, a Medicaid attorney at Decker Legacy Law, LLC, can help you get the best outcome. Here are just a few of the tools we utilize:
- Property transfer
- Qualified income trust
- Medicaid Asset Protection Trust (MAPT)
- Spending down assets
- Community spouse and spousal protection rules
- Special needs trusts
These are just the tip of the iceberg. The strategies that work best for you will depend on your unique situation. At some point, though, most people ask about the Medicaid planning legal outlook. After all, some of these methods seem “shady” on the surface. When you see folks moving money around on television, it’s often for nefarious purposes. Fortunately, Medicaid planning strategies are completely legal. However, it’s important that you work with experienced elder law attorneys during this process.
They can help you stay within the confines of the law while ensuring you’re doing everything right. Let our Medicaid planning lawyers in Tampa help. Contact Decker Legacy Law, LLC, today.
Contact A Medicaid Planning Lawyer In Tampa Today
The complexity of the application process can easily catch a Medicaid applicant off guard. Unfortunately, this will frequently be the least of the hurdles they face. Imagine spending your entire life building a nest egg for your children or to travel — and suddenly it’s eaten away by medical or other expenses simply because of the amount you saved. In all honesty, this seems a bit like you’re being punished for your work. Fortunately, this doesn’t have to be your reality. It’s possible to safeguard your assets and income while still maintaining eligibility for government programs. A Tampa Medicaid planning attorney can help.
At Decker Legacy Law, LLC, our elder law attorneys work every day to assist Florida’s aging population and their family members. We know what happens when proper planning doesn’t take place, and it’s not an outcome we’d wish on anyone. That’s why we employ a variety of Medicaid planning strategies that can protect assets even in the face of rising costs. Your monthly income doesn’t have to dictate eligibility, and even a penalty period won’t prevent you from securing affordable care. Contact us today by calling (813) 437-4465 to schedule a confidential consultation. Our Medicaid planning lawyers in Tampa are ready to assist.