How Much Does A Medicaid Planner Cost?
Medicaid can provide you with valuable benefits that make a real difference in your life. This could include Medicaid paying those nursing home expenses that would otherwise set you back close to six figures each year in Indiana if paid out of pocket. The process of obtaining Medicaid might seem rather straightforward, but it is far more complex than most people realize. This is why Medicaid planners exist. Read on to learn more about Medicaid planners and what they might charge for their services.
What Is Medicaid Planning?
Approximately seventy percent of seniors will need long term care in their lifetime. Most people fall out of their seats when they realize how much nursing home care costs and how Medicare does not fully cover long term care in a nursing home.
If you need care in a nursing home and have the money to pay for it, then in Indiana, you are expected to pay out of pocket. Paying for a nursing home out of pocket can cause you to be impoverished, losing all your life savings in short order. The safety net is Medicaid, which you could qualify for by meeting strict income and asset requirements.
Medicaid planning enables you to protect your assets while still receiving Medicaid benefits. Through effective legal strategies and making the most of Medicaid’s guidelines, attorneys can advise you on how to preserve your assets that would otherwise have to be used for long term care.
The Medicaid eligibility process is complex. You might make a simple mistake and receive a denial letter, and that denial can be extremely costly if you are already in a nursing home paying out of pocket. Given the time it takes to process an application, you don’t want to deal with setbacks. A Medicaid planning attorney can help you avoid them.
What Do Medicaid Planners Do?
Given the complexities of Medicaid, there is a great need for planning. Planning generally involves a close review of your healthcare needs and finances to determine your options. Planning then involves implementing strategies meant to benefit you or your family while ensuring that you can get approved for Medicaid. These strategies change along with the changes to federal and state laws or rules relating to Medicaid, so a planner’s job is to stay abreast of new regulations and which strategies to use at the right time.
Help With Restructuring Assets
For example, you might have too many assets to qualify for Medicaid. A Medicaid planning attorney can help you convert some of the assets into exempt (noncountable) assets. They can restructure your assets in a way that Medicaid does not view as countable. Moreover, they could help you shift assets out of your name five years before applying for Medicaid so that Medicaid does not consider those assets at all when determining your eligibility.
Help With Long Term Care Options
Other benefits of using a Medicaid planner are that they can help ensure that you understand the type of long term care options available to you. They can advise you on what options may suit your needs. They will be knowledgeable about the types of government resources that can help cover the cost of your care.
Considerations For The Spouse
Finally, a Medicaid planning attorney can evaluate your and your spouse’s financial circumstances and ensure that the spouse who is not applying for Medicaid still has adequate resources and income to manage their life.
Do I Need An Attorney?
Not all Medicaid planners are attorneys. Some include eldercare financial planners, insurance agents, geriatric care managers, and more. Elder law Medicaid attorneys know the law and can establish the required legal documents that underlie the strategies of protecting your assets. Secondly, Medicaid attorneys are trained to spot and handle legal issues relating to your eligibility. They can analyze the legal impact on how your assets are titled. Thirdly, they can help you avoid Medicaid estate recovery. Other professionals involved in Medicaid planning may be helpful, but it is best to consult an elder law attorney to ensure that you are on the right track.
How Much Do I Have To Pay For A Medicaid Planner?
There is no one-size-fits-all Medicaid strategy, which means that each person’s planning could come at a different cost. Generally, planning costs are less if you have fewer assets and don’t want until the last minute. If you have more than five years before needing Medicaid nursing home care, whether for you or your spouse, then time is on your side, and you have less expensive ways to plan. Those with more significant wealth, or who require Medicaid immediately or within five years, may need what is known as “crisis planning,” which may carry higher costs. The best way to determine the costs is to consult with one or more elder law attorneys regarding your situation.
Do I Need A Medicaid Planner?
Medicaid planners focus on getting you or your loved one approved for Medicaid benefits. If you foresee needing long term care in a nursing home, then it is recommended that you be in contact with a Medicaid planner regarding your situation. They will help you understand what is at stake and how the planning could be effective to you. Not everyone needs planning, but many people do. And the cost of planning can pale in comparison to the benefits that Medicaid provides.
Medicaid Lawyer In Indiana
Medicaid will scrutinize your income, assets, and financial transactions. If denied coverage, the consequences can be financially overwhelming. Given what is at stake, you should get guidance and direction from a skilled elder law attorney regarding long term care Medicaid. Don’t hesitate to contact an elder law lawyer in Indiana for more information on using a Medicaid planner. Click here to learn more about Indiana Medicaid planning strategies.
About The Authors
Jeff R. Hawkins and Jennifer J. Hawkins co-author this blog with Thomas E. Hynes, a lawyer admitted to practice in Pennsylvania, New Jersey and Florida who has a background in estate planning and elder law. Jeff and Jennifer are Trust & Estate Specialty Board Certified Indiana Trust & Estate Lawyers. They are also active members of the Indiana State Bar Association and the Indiana Chapter of the National Academy of Elder Law Attorneys (NAELA). Jeff is also a member of the Illinois NAELA Chapter.
Both Hawkins are admitted to practice law in Indiana, and Jeff Hawkins is admitted to practice law in Illinois.
Jeff is a Fellow of the American College of Trust and Estate Counsel and the Indiana Bar Foundation. He is also a member of the Illinois State Bar Association and he served as the 2014-15 President of the Indiana State Bar Association.
More Information
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