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Medicaid Planning: Leveraging Your Options

For those nearing their later years, Medicaid is often a critical component of long-term care planning. It provides comprehensive coverage for medical care, prescription drugs and skilled nursing care. Given the astronomical costs of nursing home care, Medicaid is a cornerstone of long-term care planning.

The Michigan Medicaid Health Care Program has complex eligibility requirements. There are many nuances to qualifying for Medicaid. Accordingly, it’s wise to speak with a knowledgeable attorney about your options.

At the Kalamazoo law firm of DeMent & Marquardt, PLC, our lawyers can help. They are very familiar with the complicated process of Medicaid planning. One of our attorneys, who is well known for his knowledge in this area, has authored numerous articles on the subject. Our lawyers can guide you through the process and help you leverage all your options to maximize your benefits without draining your savings and assets. They focus a major part of their practice on this and other aspects of elder law.

Dispelling Myths About Medicaid

Medicaid has income and asset limits that are frequently misunderstood. Many people believe that they will have to spend down all their assets in order to qualify. Fortunately, that isn’t always the case.

There is also much confusion about the Medicaid look-back periods. When applying for Medicaid, any gifts or asset transfers below fair market value that happened in the last 60 months may be treated as part of the applicant’s estate, which will impact their eligibility.

The important thing is that you have options, and it’s well worth exploring them. Our lawyers can help you sort through the intricacies of the look-back period and other eligibility issues.

Early Preparation Is Key

Medicaid planning involves numerous considerations. You may need to leverage estate planning tools, like trusts and strategic titling of real estate, to qualify for Medicaid without losing everything you have worked so hard to build. It’s never too soon to start planning.

Please contact us for strategic guidance. You can also reach us by phone at 269-343-2106.