Everyone hopes that their elderly years will be relatively uneventful health-wise. Sadly though, it is not at all uncommon for a health crisis to strike a senior. Such a crisis can lead to an individual needing extensive home care or having to move into a nursing home.
A person understandably can be quite worried about what affects a potential future health crisis — and care needs stemming from it — could have on them financially. Thankfully, individuals can plan in advance for the possibility of the unknown, so that if health issues do strike, they will not be financially blindsided.
One such type of preparation is Medicaid planning. Massachusetts’ Medicaid program, called MassHealth, can be a major source of financial help for elderly individuals dealing with a health crisis. However, there are very strict financial eligibility requirements a person has to meet in order to qualify for benefits from this government program.
Medicaid planning involves using lawful methods to structure one’s estate in a way aimed at both preserving Medicaid eligibility and maximizing asset protection. For example, planning may include setting up a trust or developing spend-down strategies.
The eligibility rules of Medicaid are incredibly complex. Mistakes that may seem minor can have huge implications, such as leaving important assets unprotected or disqualifying a person from Medicaid eligibility. Thus, such planning is something that a person may not want to try to tackle alone.
Our firm understands the importance of having the right advice and guidance when it comes to Medicaid planning. We work diligently to provide our clients with the information and help they need to develop a financial strategy for dealing with potential future health issues.