What is Medicaid Planning?
Medicaid planning is a specific type of elder law that deals with protecting assets from the high costs of long-term nursing care. Qualifying and applying for Medicaid can be complex to navigate on your own. By consulting with a trusted Columbus Medicaid Attorney at Winkler Legal, you can start planning for long-term nursing care costs and qualifying for Medicaid financial assistance should the need arise.
Who Needs Medicaid Planning?
Let’s face it, as we age the chances that we will need assistance or long-term nursing care increases. If you are approaching retirement or currently retired, it’s time to hire a trusted team of Medicaid lawyers in Columbus to protect your hard-earned assets ahead of time. Waiting until you already need long-term care means asset depletion and financial insecurity for your loved ones.
Doesn’t Medicare Pay for Long-Term Care?
Medicare was established in 1965 to assist with short-term illnesses and accidents. Medicare will pay for primary care services (hospital stay) and rehabilitative services but will only pay a portion of skilled nursing care received in a nursing home—only 100 days total.
Medicare is designed to get a person well enough to return home without additional services. As a result, Medicare is ill-equipped to deal with chronic and progressive diseases needing skilled care such as Parkinson’s, Alzheimer’s, Stroke and Chronic Arthritis. For this, you need Medicaid Planning.
Does Ohio Medicaid Pay for Long-term Care?
Yes, so long as you qualify. Medicaid is a joint federal and state program that pays for long-term care expenses and is the largest payor of long-term care services in Ohio and nationally. In order to qualify, you must meet strict Medicaid income and asset restrictions. Because of these restrictions, it is necessary to plan ahead with estate planning and asset protection planning. Planning today will ward-off financial chaos tomorrow.
What are the Types of Long-Term Care Planning?
Planning ahead is critical to protecting your assets. If you do nothing, you will have to spend-down all but $2,000 of your assets to qualify for Ohio Medicaid assistance. But this does not have to happen. If you are married or have dependents, Medicaid Planning can protect your loved one’s financial future while providing financial security for your family. As a law practice focused on elder law services, we are dedicated to legal issues facing senior Ohioans. We offer two types of long-term care Medicaid Planning.
With knowledge and foresight, we assist our clients in being involved and informed in their unique decision-making process. We offer a wealth of information including videos, detailed blog postings on hot topics, informational articles, and comprehensive seminars to educate our clients. If you have any questions, we offer free consultations to discuss your personal needs.