Whether the future needs nursing home, assisted living or special home health care, pre-planning is essential to prevent financial devastation. The best time to plan is when you’re still healthy. Medicaid Planning ensures the best possibility of acceptance into the medicaid program.
Sometimes pre-planning is not possible. Often times an individual has only a short time to qualify, or is already in a nursing home. Proper planning is still very important.
In any case, the most important areas of focus are to:
- Preserve as much of the assets as possible
- Protect the home from Medicaid benefit recapture
- Prevent “elimination” period
- Possibly get immediate care via a “Medicaid Pending” letter