Medicaid Planning For Long-Term Health Care Needs
Most people don’t think about needing Medicaid until they require nursing home care or other related services. However, planning ahead for Medicaid is critically important to ensure that you qualify for Medicaid when you need it. A Medicaid planning lawyer can be an invaluable resource.
Our elder law and estate planning attorney, Daniel Umlauf, founded Salem Law in 2010 to provide planning legal services and support to families in the Winston-Salem community. He regularly counsels clients in North Carolina on how to plan for Medicaid. Medicaid planning allows you to work within the law to qualify for Medicaid benefits.
Why Do You Need To Plan For Medicaid?
Medicaid is a government aid program that can pay for long-term medical care for people with limited resources or income. Unlike Medicare, Medicaid coverage can include long-term care and nursing home stays. Medicaid is a need-based program. In order to qualify for Medicaid, your income must not meet or exceed specific thresholds. Not everyone is eligible for Medicaid, but by planning ahead for Medicaid, you are more likely to qualify.
How Do You Plan Ahead To Qualify For Medicaid?
Long-term care is expensive. When an individual or family has too much income to qualify for Medicaid, certain legal strategies might be utilized in order to qualify for Medicaid when the time comes. Some of these include:
- Utilizing estate planning strategies, including different trusts, such as a Qualified Income Trust
- Converting resources into noncountable resources
- Spend down programs
However, it is important to note that Medicaid applications look back at an applicant’s wealth five years prior to the application. Penalties may be assessed if assets were inappropriately distributed in an attempt to qualify. An experienced Medicaid lawyer can help you better understand if you would be eligible to receive Medicaid benefits. An elder law attorney and Medicaid planning lawyer can also advise you on implementing potentially applicable Medicaid planning strategies that might allow you to become eligible in the future.
North Carolina Medicaid Expansion
In 2023, the Affordable Care Act expanded Medicaid eligibility in North Carolina. Medicaid expansion allows comprehensive health care coverage for thousands of North Carolina residents who previously did not qualify for Medicaid. If you believe that you or someone you love may now qualify for Medicaid benefits, our Medicaid planning attorney can help.
Attend A Complimentary Workshop Or Consult A Medicaid Planning Lawyer
Salem Law regularly offers Medicaid planning and estate planning workshops at no charge to attendees. These are designed to answer your questions about long-term planning. Anyone who attends a Medicaid planning workshop is eligible for a complimentary initial consultation.
To attend a complimentary workshop about long-term Medicaid planning or to schedule a consultation, contact our office using our website form or by calling our office at 336-715-1311.