When it comes to planning for Long Term Care and the possibility of Medicaid, sooner is very much better than later. Unfortunately, far too many families don’t take the time to preplan and find themselves in the complicated situation of having to qualify and apply for Medicaid quickly. This is what we call Medicaid Crisis Planning.
When a person needs to enter a nursing home quickly, but he or she has more assets than are allowed for eligibility purposes, Medicaid Crisis Planning can help them and their family take the steps to get qualified for Medicaid quickly and preserve as much of their hard-earned assets as possible.
Contrary to popular belief, it is never too late to preserve and protect assets. While advanced planning certainly makes it easier and provides more opportunities, Crisis Planning still gives you options beyond just spending down your assets. Importantly, Crisis Planning can be used to protect a married person’s spouse from being impoverished due to medical costs. If you are an unmarried person trying to qualify for Medicaid, Crisis Planning can be used to preserve assets and ensure that what you have earned is there to benefit you for the remainder of your life.
The time to begin Medicaid Crisis Planning is as soon as you sense there may be a need. If you suspect that a loved one will need to enter a nursing home in the immediate future. If they have been in care for months or years. If they have recently been diagnosed in a serious illness including Parkinson’s or Alzheimer’s. Any of these situations may be considered a crisis case. Many accidents that require nursing home support happen suddenly. The sooner that you can reach out to an elder law lawyer, the sooner you can begin the conversation about what assets could be preserved for Medicaid qualification purposes and how each of these moves would impact your financial future.
An accident, a sudden decline in cognitive ability, or an incapacitating event should prompt Crisis Planning immediately.
If you believe that a loved one already needs a nursing home or might need one soon, do not hesitate – one of the most important meetings you will schedule is with an elder attorney to discuss your Medicaid Crisis Planning options.