Three Things You Should Know About Planning Your Estate with Medicaid
As people get older, it’s natural to want to begin to plan for the future and worry about their long-term medical care. Decisions must be made about who will take care of them, where they will stay if they can’t live by themselves and who will make the financial and medical decisions for them in the event that they are incapacitated. These big, looming decisions can be frightening, but it’s important to consult with an to help you discover and explore the options available to you.
Medicaid involves complicated laws and rules for application and eligibility and should be explored with the help of an estate planning attorney. But for now, let’s cover the basics of elder law and Medicaid planning in Ohio.
Here are three things you should know about Medicaid planning strategies in Ohio.
1. Medicaid is For Families Who Cannot Afford to Pay for Long-Term Care Out of Pocket
Medicaid is the nation’s health insurance option for those with low income, and can cover a wide variety of doctor visits, medication, long-term care, hospitalization and other medical costs, but it truly varies from program to program. But applying to Medicaid takes a lot of planning, as an error in paperwork or the assets of a spouse could be the difference between acceptance and denial of benefits. Proper planning for the family’s income, especially when there is substantial income or when there a spouse still living in the community, can become very complicated, very quickly.
2. Careful Planning for Marital Assets is Essential
If one spouse falls ill or develops a serious condition that requires extensive medical attention over a long period of time, Ohio has complicated rules about which and how many assets the well spouse can keep for their own support while Medicaid helps pay for nursing home care for the ill spouse. If you are contemplating moving a spouse into a nursing home, then it is also in your best interest to contact an attorney with experience in Medicaid estate planning in Ohio to ensure you plan for Medicaid eligibility AND plan to support the well spouse.
3. Planning Ahead is the Best Strategy
When the sunset years approach, the best Medicaid planning strategies in Ohio you can implement is simply planning ahead. Having a game plan in place for when an emergency hits or a loved one falls ill unexpectedly relieves a lot of stress when the time comes to apply for Medicaid. It’s important to protect your assets and estate when applying for Medicaid, and no one should be left penniless in their estate to pass to future generations. This is the time to call an elder law attorney and Medicaid planning attorney in Ohio to help you create your future strategy.
Call the Ohio Medicaid estate planning legal team with The Obenour Legal Group to discover your best strategy for devising a plan for long-term care before it’s too late. Our passionate and expert attorneys will help you discover and explore the options available to you. Contact us today for a free case review regarding elder law and Medicaid planning in Ohio.