As most Americans know all too well, it is hard to plan for all the medical expenses that may arise in one’s lifetime. For older residents in Carmel, this is a real concern. How can elders set themselves up to receive Medicaid when they need it the most?
Medicaid planning is practiced widely across the nation and is a perfectly legal elder law process. Many people choose to work with an lawyer for proper Medicaid planning. The knowledge attorneys have of estate planning laws and the Medicaid program make them ideal candidates to help you plan.
What are the goals of Medicaid planning with lawyer guidance?
- Exploring all financial options, including Medicaid, for you and your family
- Preserving assets for you and your family members
- Utilizing all sources of assistance to meet your long-term care expenses
- Reducing or even eliminating fears of late-life poverty
- Evaluating the restrictions and benefits associated with the public health care system
- Finding effective ways of balancing taxation, estate planning and asset preservation matters
Medicaid planning provides value in many situations. For example, if one spouse requires ongoing care, proper planning can help you avoid depleting your finances to meet these health care needs. In another example, planning helps when both spouses are in poor health. It can ensure you both get proper medical attention each time it is needed.
When done in conjunction with estate planning guided by an elder law professional, Medicaid planning can bring you peace of mind and security about your current and future health care needs. As a bonus, it allows your entire family to rest easier knowing you will have good medical care in your elder years.