Medicaid Planning
Medicaid is a joint federal and state program that provides payment for medical care for persons unable to afford
to pay. Medicaid covers physicians’ services, hospital care, supplies and other necessary services once a person
has been made eligible for the program. It also pays for the expenses of long–term care in a nursing
home.
Eligibility is determined at state Medicaid offices and, in the case of married individuals; the assets and income
of both spouses are considered in the determination process. Medicaid pays for medical needs for those of any age
that have been determined to be eligible.
What You
Need to Know
Medicaid is considered to be one of the most complex laws of the United States and, further complicating matters,
each state has a different version of Medicaid. Medicaid is often of importance to middle-income Americans because
Medicare does not cover the costs of long-term care for illnesses such as Alzheimer’s disease or paralysis caused
by a stroke. Most people who need such care for extended periods will eventually deplete their assets and become
unable to pay the costs of their care.
At such a time Medicaid is available to pay the difference between their income and the actual costs of care
provided in a nursing home, including room and board, as well as physicians’ care, hospital care and all other
reasonable necessary medical expenses. Medicaid covers the costs of such care in nursing homes, adult care homes,
hospices, and, in appropriate cases, in the individual’s own home.
We Can
Help
Lawrence & Associates, Inc., has extensive training and experience concerning Medicaid and has been advising
clients and their families for many years. It is important to seek advice as soon as possible to enable the
greatest benefit from such planning. At Lawrence & Associates,
Inc., we can assist you in planning for the expenses of long-term care as well as planning for the protection of
assets for the rest of the family.
If you’d like to discuss planning for Medicaid and protecting your assets,
contact us for a no-cost initial consultation.
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