Medicaid is a federal and state-funded needs-based health insurance scheme that targets low-income Americans. However, like most government programs, qualifying for Medicaid can be a strenuous process. Consequently, this leaves millions of qualified individuals at the risk of missing out on the coverage they need to fix their health problems.
Medicaid planning is an integral part of the estate planning process, especially if you are eligible. If you get it right, Medicaid can help finance your long-term care needs. When is the right time to begin your Medicaid planning?
Waiting until you are in a fix is never a good idea
Ideally, there is no perfect time to kickstart your Medicaid planning process. Rather, you are better off getting started as soon as possible. Remember, your application will be subjected to financial scrutiny that can go back well over five years. During this scrutiny, any uncovered gifts or asset transfers may impact the outcome of your Medicaid claim.
You have no way of telling when you will have health concerns
Most people move to long-term care facilities when they can no longer care for themselves due to age-related complications. But even younger and healthier individuals may sustain catastrophic injuries or medical situations that may justify the need for specialized care. Therefore, it is only prudent that you start your Medicaid planning journey as soon as you possibly can.
Safeguarding your interests
You’ve probably heard stories of families that spent every penny at their disposal to care for an aging loved one. You do not want this to happen to you. Learning more about New York’s Medicaid laws can help you take control of both your healthcare and financial needs.