Many people do not understand how important Medicaid benefits can be if they become sick or can no longer live by themselves when they get older. While you may believe Medicaid is a program only for people with low incomes, even middle class and wealthy families often must rely on Medicaid to pay for nursing home care.
Unfortunately, if you do not realize that you may some day need Medicaid benefits, you may not make the right plans to ensure that you are able to qualify for them. This can be a serious problem because you could find yourself forced to spend your entire life savings if you end up needing nursing home care. You should work with an attorney to find out if qualifying for Medicaid benefits could become important in your future and to create a Medicaid plan to ensure you can access those benefits when you need them.
German Law has helped many families in Minnesota and North Dakota to qualify for Medicaid benefits. Our legal team will work with you to find ways to keep as much of your wealth safe as possible while getting Medicaid to cover costly care that you may need during your lifetime. Give us a call to get personalized help with your Medicaid plan and to get answers to questions you have about Medicaid including:
- Why would I need Medicaid benefits?
- How can I qualify for Medicaid benefits?
- How can a Medicaid planning lawyer help me get benefits in Minnesota or North Dakota?
Why Would You Need Medicaid Benefits?
Medicaid benefits can be vital to seniors who have substantial healthcare expenditures or who require long term care services which cost thousands of dollars every month.
Many people assume that Medicare will cover care costs once you turn 65. While Medicare does provide insurance for seniors, there are premiums for Medicare coverage, as well as co-insurance costs, and coverage exclusions. Medicare does not come close to paying for everything a senior needs, and one of the biggest coverage exclusions is for nursing home care.
Medicare pays only for care at a skilled nursing facility (SNF) and pays only for a limited time period in this type of facility. Most seniors who get nursing home care do not get skilled care, but instead get custodial care since they need help with routine activities of daily living. This is not covered by Medicare or most private insurance policies. Medicaid, however, will pay for nursing home care. Medicaid can also help to cover co-pays and Medicare premiums if seniors struggle to afford these costs.
How Can You Qualify for Medicaid Benefits?
If you need Medicaid to pay for nursing home care or for other services that you cannot afford to pay for, even with Medicare or private insurance coverage, you may find that you must spend down assets first. This is because Medicaid is a means-tested program that is available only to people who have limited incomes and few resources.
Spending down assets means that you spend your life savings, and even potentially liquidate some assets to generate more funds, in order to pay for the costs of long-term care or other medical care you need. When you have impoverished yourself so you have few resources left, Medicaid will begin to pay for the care that you require.
Of course, most people do not want to spend down assets because they want to leave a legacy for loved ones. You can avoid this process and qualify for Medicaid coverage when you need care if you work with an attorney to make a Medicaid plan.
If you make your Medicaid plan well in advance of the time when you begin to require care that you need Medicaid to pay for, you should be able to keep some or all of your wealth safe. The sooner you work with an attorney to make your Medicaid plan, the more of your money and property you can protect.
How can a Medicaid Planning Lawyer Help You Get Benefits in Minnesota or North Dakota?
Do not wait to get help with making your Medicaid plan if you want to protect the maximum value of your assets. If you live in Minnesota or North Dakota, German Law can help to ensure you are able to qualify for Medicaid coverage when you need care so you do not lose your life savings. To find out more about how our firm can help with the Medicaid planning process, give us a call today.