Medicaid planning is, for many people, an effective means of preparing for the potential medical costs that come with needing long term care. Medicaid planning can be immensely beneficial, and protect you from needing to pay for your long term care out of pocket. But how exactly does Medicaid planning work, and how might it potentially benefit you?
Tag: medicaid planning
Rollout of Medicaid Homecare Lookback Rule Delayed Until 2024
According to a recent announcement from the New York State Department of Health, the implementation of a Medicaid homecare “lookback” rule has been delayed until at least March 31, 2024. This delay means that people who might have been ineligible for Medicaid homecare benefits due to the lookback rule may now be able to obtain those benefits. However, anyone intending to apply for Medicaid to cover their homecare costs should begin planning now, to avoid potential legal issues when the rule is finally implemented.
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Who Can Benefit From Medicaid Planning?
When people hear “Medicaid planning,” they assume that it is something for people with little or no assets. However, in reality the people who can potentially benefit the most from Medicaid planning are people who may not currently qualify for it due to having significant monthly income, money in the bank or ownership of property. So how do you know if Medicaid planning may be right for you, and what should you do if you want to incorporate it as part of your estate plan?
Medicaid Planning During the Coronavirus Pandemic
Planning for retirement while the coronavirus pandemic is ongoing may seem strange, considering how many people are simply struggling to make it through the current crisis. However, in some ways there has never been a better time to figure out how you intend to care for yourself in your later years, especially if you are approaching retirement age. If you are an older American and wondering how you will manage healthcare costs after you retire, you should consider Medicaid planning as part of your retirement plan. Continue reading “Medicaid Planning During the Coronavirus Pandemic”
