As you or your loved one gets older, taking care of payments for healthcare can get expensive especially when there are bills for so many different things. When you are going through this whether directly, or indirectly, you want to be sure someone is there for you along the way. I
What is Medicaid?
Medicaid is a need-based social welfare program provided to eligible Massachusetts residents who cannot afford health insurance to pay their own medical needs, commonly referred to MassHealth. Medicaid is the government’s primary pay source for nursing home care. Upon entering a nursing home, this will come into effect and fund all expenses for individuals.
Protecting Your Hard-Earned Assets
Medicaid is an approach to help with the cost of nursing home care. It is offered to those that want to make decisions in advance about how to spend their savings or transfer their assets before the cost of skilled nursing care set in. There are two major benefits to Medicaid Planning:
- The individual is free to decide where their assets go.
- After releasing the funds and assets to the institution of their choice, the individual qualifies themselves for Medicaid assistance when skilled care needs to be provided.
A common fear among most of my clients is financial security and how they will be able to protect their assets in this economic climate. It can get very costly when having to pay for healthcare and long-term care, especially if they are currently facing imminent long-term care situations. It is common for many independent-minded elderly persons to attempt to pay for nursing home care on their own. Their hard-worked earnings dwindle in their savings account when they choose to do this alone. Medicaid is there to prevent this from happening. Save your money for your “golden years” and allow Medicaid to assist you.
Understanding the process
I understand that the Medicaid planning process has a lot of different pieces to it. My main objective is to not only strategically analyze your situation but to approach you and your family with care and compassion. For someone who has been looking after their family and loved ones for so long, to have to give that up along with control over their assets, can be difficult. That is why I take the time to understand each of my client’s needs and work to make the process easier.
If you would like to learn more about planning for long-term care and the costs associated, reach out to me today. I will help answer any and all questions and support for you and your family during the process. At the Law Office of Paula Smith, I make it my mission to put you first, check out this blog to learn more about me and what I do, What Does an Elder Law Attorney Do?