Medicaid planning can seem overwhelming. The first step to prepare for Medicaid is to create a concrete plan and to understand what makes someone eligible. This plan should be created with an experienced attorney to understand the options available to you and the process that will work best for your future. To make this process easier, we have answered a few questions you might have about Medicaid planning:
How soon should I begin Medicaid planning?
Planning for Medicaid eligibility should begin at least five years in advance. In order to qualify, you must establish a clear picture of your financial situation. This will ensure that you can maintain your funds for future planning. Planning five years in advance will give you a better idea of if you will qualify based on your asset history. Failing to prepare for this may have consequences such as fines and other legal repercussions when you do apply for Medicaid.
Am I eligible to receive Medicaid in Pennsylvania?
Medicaid is reserved for those who have very few assets. It may be possible that you do not qualify for Medicaid due to the number of assets you have. Not everyone qualifies for Medicaid. Those who do qualify are covered in a broad range of benefits. Some of these benefits include nursing home care, hospital visits, and assisted living. Those who determine who is eligible to receive Medicaid in Pennsylvania are very selective. To understand your eligibility and to assist in the restructuring of your assets, reach out to a Pennsylvania estate planning attorney to increase your chance of qualifying for coverage.
How can I restructure my assets to get Medicaid coverage?
With the assistance of a Pennsylvania estate planning attorney, you can restructure your assets by taking one or more of the following actions:
- Pay off debts and mortgages
- Prepay for your funeral expenses
- Gift assets to family members or loved ones
- Create irrevocable trusts
- Make repairs to your home
- Transfer the title of your home to your beneficiaries
- Upgrade your home
Taking these steps will increase your eligibility for Medicaid. It is important to put yourself and your health first in a scenario such as this. Reach out to a Pennsylvania estate planning attorney today to start this process. Call us today to discuss your options.
CONTACT OUR EXPERIENCED PENNSYLVANIA MEDICAID PLANNING FIRM
Friedman Schuman is an experienced and dedicated legal resource for clients throughout Pennsylvania. We proudly serve clients facing a wide range of legal matters. If you require the services of an effective attorney, please contact Friedman Schuman today to schedule a consultation.