What is Medicaid Planning?

Medicaid planning involves either spending down or otherwise protecting a person's assets so that he or she can meet the financial requirements for Medicaid qualification. Medicaid is a joint federal and state program in which the federal government, through its agencies, determines how the program is to be generally administered, and the states establish rules and state law to implement those programs. This means Medicaid rules are different from state to state, and since the law (and the interpretation of the law) is constantly changing, it is important to consult with an experienced elder law attorney when it comes to Medicaid Planning. Medicaid planning can be divided into two types: pre-planning and crisis planning.

Pre-planning is for those individuals who are not in need of long term care benefits yet, but who are concerned that they may need those benefits in the next few years. Proper planning with an elder law attorney can help you avoid financial disaster if you are ever faced with a nursing home crisis. Though the laws pertaining to Medicaid qualification (and their interpretation) constantly change, it is still possible to adequately pre-plan for long term care within the framework of long standing exemptions under the program.
 

Crisis Planning, discussed next, is for those individuals who are already in need of benefits and want to file a Request for Assistance as soon as possible.

©2007-2009 Law Office of Thomas W. Rezanka. All Rights Reserved.