At what age should you start getting serious considerations to long-term Medicaid planning service?
Medicaid planning is a complicated topic. Most people must cope with the difficulty of paying for long-term care as well as the intricacies of the Medicaid system while simultaneously dealing with a terrible personal health crisis. Often, a health crisis is absolutely incapacitating, leaving our loved ones to pick up the pieces.
Failure to prepare correctly can lead to financial ruin. Anyone who requires long-term care or pays directly for long-term care services is included in the Medicaid Spenddown. A patient or family who does not plan ahead of time will wind up paying more for long-term care than the law mandates. This is especially crucial when a spouse’s health issue unnecessarily depletes resources that may be saved for the healthy spouse.
People can turn to a Certified Medicaid Planner to achieve Medicaid eligibility. Because Medicaid planning encompasses a diverse group of professionals (i.e., attorneys, accountants, financial advisors, care managers, social workers, and so on), it’s a good idea to have a team member who understands Medicaid planning and can collaborate with others on the team to help the consumer achieve his/her planning goals.
For you to be eligible for Medicaid planning service, you must fulfill the income and residence requirements for your state’s program. Groups like pregnant women and the beneficiaries of the Supplemental Security Income (SSI) are termed as Medicaid eligible.