MaineCare (Medicaid) is a joint federal and state program available to individuals who meet certain asset requirements that help them pay for long-term care (LTC) costs. Long-term care often creates devastating financial impacts on Americans, particularly the elderly, and for those family members who lose hours of income (and more) while providing care for their loved ones. The Medicaid system is still one of the best options to afford long-term care. MaineCare planning is a strategy that can help you qualify for Medicaid without experiencing financial ruin.
When is MaineCare Crisis Planning Appropriate?
As a joint federal and state social safety net Medicaid differs by eligibility rules and regulations in every state, and even by name. Unfortunately, people often wait until a catastrophic event brings about sudden illness, disability, or other medical crises before planning long-term care. Under duress, a family system will listen and take advice from misinformed individuals, such as non-attorneys or attorneys who do not practice elder law. Perhaps unwittingly, these people tend to give the worst advice: spend everything you have until you qualify under the Medicaid eligibility rules. Though this approach can work, there are far better strategies that can be employed.
Be Proactive with your MaineCare Planning
With the help of an elder law attorney, Medicaid crisis planning allows you to qualify for Medicaid nursing home/LTC without spending down all of your life’s assets. Working with an elder law attorney to devise a personal Medicaid crisis plan is a logical and financially prudent approach to long-term care and allows you or a loved one to use legally approved strategies to qualify for Medicaid before spending everything you own on the high cost of nursing home care.
If you have a loved one who is either in a nursing home or about to enter a nursing home, that is the time to speak to an elder law attorney. To pay for long-term care until qualifying for Medicaid, an individual can use legal strategies to divest some assets while preserving the rest to cover costs. Consulting an elder law attorney early in the process allows for a more efficient pathway to meeting Medicaid eligibility requirements. However, it’s never too late, even if you or a loved one are already in a nursing home.
Start your MaineCare Long-Term Care Plannning
The level of complexity involved in Medicaid crisis planning deems it necessary to retain an elder law attorney, preferably one specializing in Medicaid planning. Eligibility requirements vary, calculations are complex, timing is crucial, forms are ever-changing, and laws are amended. An elder law attorney can tailor your financial situation to the best Medicaid crisis planning solution and protect your financial future. We understand this process can seem complex. Aging in Maine is here assist you or your loved ones with the best possible personalized approach to each persons MaineCare Planning.
Please don’t hesitate to reach out to us today. Call us at (207)848-5600 or check out our CONTACT page.
