Medicaid planning involves a careful consideration of an individual’s assets to determine whether or not he or she legally qualifies to receive nursing home benefits for Medicaid. Many individuals who do not carefully consider this process or who do not have other significant resources to support them in their older years such as long-term care insurance, may have to use all of their personal assets and resources to support an individual who has suffered a healthcare event.
It can also be very problematic for individuals who have no other resources because family members can feel the pressure of having to provide for a loved one who needs nursing home care. This is why it is a good idea to consult with a New Jersey Medicaid planning attorney. One of the most common questions considered in the Medicaid process is whether or not you should get rid of property.
Bearing in mind that Medicaid has a look back period to explore whether or not you have attempted to give away assets so that you may qualify for Medicaid, it’s a good idea to consider your Medicaid planning well in advance. This allows you to take advantage of legal strategies that can help prepare you to qualify for Medicaid appropriately.
Even if you are not yet concerned about your healthcare and your need for potential nursing home care, you should consult with a New Jersey Medicaid planning attorney now to learn about all of your options. Putting a plan in place well in advance is the best approach.