Being in long-term care or a nursing home without a plan is a top concern among most seniors in Indiana. Due to the high cost of nursing homes, failing to meet the Medicaid requirements can deplete your life savings and lead to the liquidation of real estate and valuable personal property. As a result, this may place other family members in a financial crisis.
Medicaid can offer an excellent opportunity for you to cover your long-term care costs. However, meeting the requirements is not always straightforward. If you do not think you will qualify, or previously applied and were denied Medicaid benefits, know that you do have options.
At Applegate & Dillman Elder Law, we have helped many families qualify for Medicaid. With our holistic approach that combines healthcare and legal perspectives, we can help you develop a plan for long-term care that protects your family and preserves your wealth.
What is Medicaid?
Medicaid is a federal health insurance program that covers Americans with low income. Medicaid comes in handy when families need to pay for long-term care or those who don't have health insurance coverage. Working with a Medicaid planning attorney from Applegate & Dillman Elder Law allows you to understand the dynamics of Indiana Medicaid limits and laws.
Our Medicaid planning lawyers will help you maximize the use of estate planning strategies to enable you to qualify for Medicaid without losing your assets.
Why Should I Apply for Medicaid?
- Protecting your assets- The cost of a nursing home or long-term care can lead you to spend your life savings or sell your valuable assets. Applying for Medicaid can help cover the cost of your long-term care. We will evaluate your assets and decide which asset protection strategy suits you best.
- Preserving wealth for family/heirs- While you can quickly transfer your property to your heirs, this may limit you from meeting your long-term care needs. With Medicaid, you can preserve your assets for your heirs and still get the long-term care you need.
Who Qualifies for Medicaid?
A senior may qualify for full or limited Medicaid coverage depending on several factors, which may change over time. For the most up to date information about qualifying for Medicaid, you can visit www.medicaid.gov for more information. If you are not sure if you qualify for Medicaid, we encourage you to call our office and speak with our team to determine eligibility.
What are the Benefits of Hiring a Medicaid Planning Attorney?
Our Medicaid planning attorneys have extensive knowledge and experience in completing accurate Medicaid applications. At Applegate & Dillman Elder Law, we will work with you to provide the paperwork needed to complete the application. We also have what it takes to ensure you create an effective plan to protect your assets.
Schedule an Appointment with Our Medicaid Planning Lawyers
If you need help planning for your family's future, our Medicaid planning lawyers are here to help. Reach out to us through our contact page or call (317) 492-9569 to learn more about our services and schedule a Medicaid planning consultation.
Medicaid Planning FAQ
How Does Medicaid Planning Work?
The cost of nursing homes has generally been on the rise in recent years. Paying for a nursing facility without a proper plan is a significant concern among the aging population in Indiana.
Fortunately, having a Medicaid plan can allow you to access the necessary long-term healthcare services without depleting your personal funds. Medicaid is a joint federal and state program that covers individuals with limited income or resources.
To be eligible for Medicaid in Indiana, you must meet certain eligibility requirements, including the following:
- Meet the income limit requirements in Indiana
- You must be a resident of the state of Indiana
- You must be a U.S. citizen or meet certain immigration status requirements
- Meet specific age or disability requirements
Can I Protect My Assets And Still Qualify For Medicaid Benefits?
With the help of a Medicaid planning lawyer, it is possible to protect your assets and still qualify for Medicaid benefits. An experienced lawyer can help develop a personalized plan that complies with Medicaid guidelines and maximizes your eligibility while protecting your assets in accordance with the law.
Our attorneys can use various strategies often used in Medicaid planning to preserve your assets. These strategies may include:
- Transfer assets to your spouse or family member or into some type of trust to minimize your asset count for Medicaid eligibility purposes.
- Place assets into irrevocable trusts to remove them from your countable assets.
- Some assets, such as personal belongings and primary residency, may be exempt from Medicaid asset limits.
- An attorney may advise you to purchase an annuity to convert excess assets into an income stream.
What Documents Are Needed For Medicaid Planning?
When engaging in Medicaid planning, several crucial documents may be required to provide information about your financial and legal circumstances. These documents include:
- Financial statements, including investment account statements, retirement account statements, and documentation of other financial assets and liabilities.
- You might be required to provide recent tax returns to help assess your financial situation.
- Income records, such as pay stubs, pension statements, Social Security benefit statements, and other sources of income.
- Estate planning documents like a will, trust agreements, power of attorney, and healthcare directives.
- Property deeds and titles.
- Medicaid application forms.
When Should I Consider Medicaid Planning?
You may want to consider Medicaid planning if you need long-term care or are dealing with significant healthcare expenses. This program is most effective when done proactively with the help of an attorney. It can help protect your assets, preserve your wealth for your family, and structure your finances and wealth in a way that meets Medicaid eligibility requirements.
What Does Medicaid Cover?
This program ensures access to necessary healthcare services for low-income individuals, including seniors. It provides coverage for a wide range of medical services, including hospital stays, prescription medications, doctor visits, and long-term care.