There are two main approaches to Medicaid planning. The first is known as crisis planning, where an individual is facing the risk of losing all their assets by paying for care in a facility. The second refers to planning ahead of time and this is known as pre-planning.
If you are healthy enough, one popular option is to select long term care insurance because of the flexibility that it provides. Even if you are not eligible for long term care insurance or find that it’s too expensive at your level of health, there are other options to help you protect your assets. In many cases, this advanced planning can help to save most, if not all, of the senior’s assets.
The good news is that there are multiple planning options available for you, but that they can be tailored to your family. The key is learning what tools are available for your family and talking to an estate planning attorney to determine what’s right for you. Having an experienced elder care attorney on your side can help you protect your assets against a possible long term care crisis.
While crisis planning can also be done, you will have enough on your mind in a crisis situation when facility care is needed. That’s why it’s best for everyone to evaluate their needs in advance and to plan ahead with regard to Medicaid. It’s never too early to start thinking about your health and your needs in the future- set up an appointment to walk through it with us at info@lawesq.net.