What Is Medicaid Planning?

Elder law is a legal practice that focuses on the legal needs of older individuals. With that, it slightly differs from estate planning law because it exclusively concentrates on the legal issues that arise with age; while estate planning laws may apply to just about anyone ready and willing to establish a plan. One of elder law’s main priorities is economic planning, especially with the expected rise in healthcare costs that comes with age. Now, a big part of such financial planning is Medicaid. Without further ado, please continue reading to learn the importance of Medicaid planning and how one of the experienced Butler County Medicaid planning attorneys at Heritage Elder Law & Estate Planning, LLC can help execute your intentions correctly.

By definition, what is Medicaid?

In short, Medicaid is a government program that provides health insurance and long-term care services for adults with limited income and resources. Specifically, eligible adults are those 65 years of age or older, those who are blind, or those who are disabled. Also, younger adults who are blind or disabled may qualify for these medical assistance benefits. Overall, the goal of Medicare is to hopefully provide aging individuals with the healthcare services they need without having to worry or be overwhelmed by the cost of doing so.

What is the importance of Medicaid planning?

You must understand that Medicaid benefits may not be automatically granted to you upon the date of your 65th birthday. Rather, seeking eligibility for this program may take some strategic planning. Specifically, you may apply online, in person, on the phone, or through the mail. But regardless of which way you do it, you may have to supplement your application with relevant pieces of information; they read as follows:

• Proof of your household income from jobs or other income sources.
• Proof of your assets, such as homes, properties, vehicles, bank accounts, life insurance, etc.
• Your federal tax filing information.
• Your Social Security Number and your date of birth.
• Your current or more recent health insurance information.
• Your proof of citizenship or lawful permanent resident status in the United States.

All of this to say, without proper Medicaid planning, your lifetime savings may quickly vanish. In turn, you may have little to nothing left for your loved ones to inherit on the day of your unfortunate passing.

To conclude, you should know that one of the skilled Butler County elder law attorneys is here to assist you with whatever your legal issue may be. So please reach out to us at Heritage Elder Law & Estate Planning, LLC today. And please ask about scheduling a Medicaid process meeting with one of our benefits associates and Medicaid attorneys. We look forward to hearing from you.