Medicaid Planning Attorneys in Waco Helping Clients Plan for Long-Term Care
Paying for nursing home care is something many families worry about. Some families with higher incomes or substantial assets can still find that l life in nursing home care or with long-term caregivers is beyond their budgets. A qualified Medicaid planning attorney can help.
It is possible to qualify for Medicaid benefits, even if you don’t seem to at first glance. The knowledge and strategy of an experienced Medicaid attorney are crucial as you begin to plan for your long-term care and nursing home care. If the situation is approached without guidance, however, you may render yourself ineligible before you even apply.
Call Rainey and Rainey & Rainey, Attorneys at Law, at (254) 457-5083 today to find out more about Medicaid eligibility.
How Does Medicaid Differ From Medicare?
If you have just started looking into skilled nursing care or assisted living facility coverage, you may not know the difference between Medicaid and Medicare. The names of the two programs are similar, and the programs are often confused with one another. However, their similarities do not go far past the names themselves.
Medicare is an insurance program that assists people primarily over 65 of all income brackets with their medical bills. Those covered have generally paid into trust funds which, in turn, pay for the medical services rendered. The patients sometimes pay partial costs through co-pays for doctor’s visits, hospital stays, and other expenses. The plan works similarly throughout all 50 states and is governed by the Centers for Medicare & Medicaid Services, a branch of the United States government.
On the other hand, Medicaid is a government-based assistance program designed to serve low-income people of all ages. Typically, patients pay all or most of their income towards their care, but the gap between what they make and the cost of care is covered by Medicaid. Medicaid is a federal-state program that varies from state to state and is run by state and local governments under guidelines set by the federal government.
When Should I Start Planning for Medicaid?
Creating proactive plans for Long Term Care and Medicaid is never a bad idea. So, in short, there is never a wrong time to start your Medicaid planning journey. There is what is called a “lookback” period of 5 years, during which even money you have given away or tried to protect can be counted in determining Medicaid eligibility. Get in touch with a Medicaid planning attorney, determine the steps you need to take, and begin the process of protecting your future.
You must have already been admitted to a nursing home or are receiving long-term care in order to receive Medicaid benefits, but it is best to start planning before then. Financial transfers and gifts made within five years of an application may cause a delay in your potential Medicaid coverage.
To keep your family members from being responsible for paying for your nursing home or other long-term care costs that Medicaid benefits could have covered, begin the process of Medicaid planning immediately. If you need nursing home care or long-term care now or soon, it is not too late to qualify for Medicaid. Call our office immediately.
How Can a Medicaid Planning Lawyer or Elder Law Attorney Help Me?
Any family, even those that feel they are best prepared, can be blind-sided by a loved one’s need for expensive long-term care. Whether caused by age, unexpected medical issues, or disabling accidents, the need to have Medicaid benefits in place could come at any time. Medicaid is a program that can protect your hard-earned assets when the need to pay for medical care, at home or within a nursing home, arises.
Even if you believe that you do not meet the eligibility requirements for Medicaid, there are steps that can be taken to make you eligible. A skilled and knowledgeable Medicaid planning attorney can assist you in creating trusts, preserving assets, and other methods of managing Medicaid eligibility when appropriate. Every situation is different, and navigating the complex landscape of government-funded healthcare is often more than a person can handle alone. Our professional attorneys focus on Medicaid planning and elder law and have the training and experience you need to help you get the assistance you are entitled to.
Why Choose Rainey & Rainey?
There may come a time when you suddenly require long-term care above and beyond what you can pay or what is covered by your insurance. When planning for this time of your life, you want a qualified Medicaid planning attorney on your side through every step of the process. At Rainey & Rainey, Attorneys at Law LP, we provide accurate counsel and specific insight into your situation so you can feel confident that you are making the right choices. If you want to enter the Medicaid planning and eligibility process with confidence, schedule a consultation today. A Medicaid attorney will speak with you and help you begin your journey to peace of mind for your long-term financial future. Call (254) 457-5083 today to get started.