Importance of Early Medicaid Planning, Avoid Medicaid Issues & Eligibility

One of the greatest fears of older Americans is that they may end up in a nursing home. This not only means a great loss of personal autonomy, but also a tremendous financial price. Depending on location and level of care, nursing homes cost between $35,000 and $150,000 a year.

Most people end up paying for nursing home care out of their savings until they run out. Then they can qualify for Medicaid to pick up the cost. The advantages of paying privately are that you are more likely to gain entrance to a better quality facility and doing so eliminates or postpones dealing with your state’s welfare bureaucracy–an often demeaning and time-consuming process. The disadvantage is that it’s expensive.

Careful planning, whether in advance or in response to an unanticipated need for care, can help protect your estate, whether for your spouse or for your children. This can be done by purchasing long-term care insurance or by making sure you receive the benefits to which you are entitled under the Medicare and Medicaid programs. Veterans may also seek benefits from the Veterans Administration.

Most individuals and families spend their lifetime creating an estate with the objective of providing a secure retirement and for the financial benefit of spouse after death as well as future generations.  However, a lifetime of prudent financial planning and decisions can be quickly devastated by the unanticipated event of you or your loved one entering a nursing home or long-term care facility.  Early Medicaid planning with the assistance of a Medicaid planning attorney can assist families address or help create:

• Asset preservation strategy for future generations;
• Prevent the impoverishing a healthy elder to pay for care for his or her spouse;
• Establish special needs trust to pay for excluded items to enhance quality of life;
• Asset distribution and transfer strategy that is lawful and does not jeopardize Medicaid eligibility;
• Qualify their elder or disabled family member for Medicaid financial support;
• Help their elderly family member get into housing placement that best meets their needs and wants;
• Save the family significant money;

Plan Now, Consult a South Carolina Medicaid Planning Lawyer in Spartanburg & Greenville SC

Our Medicaid planning attorney can assist you in developing a custom-tailored strategy to enable you to qualify for Medicaid benefits to pay for long term nursing home care while preserving your assets.  Don’t wait to plan, contact an estate planning attorney at the McQueen Law Firm to discuss your Medicaid planning options and requirements today at 864.585.5021 or online to schedule an appointment.

McQueen Law Firm | “A Trusted Partner” | Serving the State of South Carolina Since 1985 | Spartanburg County | Greenville County | Anderson County | Cherokee County | Union County

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