The Importance of Planning Ahead
Over the past month we have been covering various issues regarding Medicaid, including common myths about Medicaid, warning signs and situations that may indicate you need help with Medicaid planning, and When Medicaid Comes for Your House. This week we look at how our healthcare system can seem discriminatory, based on disease, and why that makes planning for Medicaid so very important.
Americans who have worked a certain amount of time are entitled to Medicare when they turn 65. Medicare pays for most doctor and hospital visits for seniors. However, Medicare does not pay for long-term care (i.e. needing assistance with activities of daily living, such as bathing, dressing, and eating). In the United States there is no basic right to long-term care.
Why is this a problem? A senior who has heart disease, cancer, or diabetes, for example, could get hospital treatment when necessary and outpatient treatment, and for those diseases, this might be enough. But for seniors who are diagnosed with degenerative conditions such as Alzheimer’s Disease, Parkinson’s Disease, Multiple Sclerosis, or ALS (Lou Gehrig Disease), Medicare is of little help.
These individuals who, by sheer chance, were struck with diseases requiring long-term care may need to spend down most or of all their assets, including in some cases the family home, in order to qualify for Medicaid, which does pay for long-term care. Does this seem unfair? We agree — but this is the system we have to deal with.
So how can you best protect your assets no matter what condition you have and how much help you need? Plan ahead. Advance planning can protect your assets while still allowing you to make use of Medicaid’s benefits. Planning ahead is the most important thing you can do to be prepared for anything.
Are you ready to plan? Do you have questions about Medicaid? Would you like to know how best to qualify for Medicaid? We can help. Please give us a call or email us! As knowledgeable Elder Law attorneys, we can provide the legal advice you need to achieve your long term goals.
The information provided herein does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available here are for general informational purposes only.
