Medicaid planning is one of the most important decisions you can make for your future. With so much at stake, it’s important to have an expert helping you through the process.
With the new rules and regulations that affect Medicaid and medical coverage in general, it’s even more vital to plan ahead. If you are on a fixed income or have health conditions such as Alzheimer’s disease or Parkinson’s, then getting legal help should be your top priority.
We invite you to contact the law office of Doane & Doane today to start a conversation on what you and your loved ones need to successfully plan for the future.
What Is Medicaid Planning?
Medicaid planning is the process of protecting your assets to keep them from being needed if you suffer from a medical condition that could potentially wipe out your life’s savings.
The number of assets you have can determine what Medicaid pays for in the event that you fall ill. You may live in a community where they have a means test, which is a formula that determines whether or not you are too wealthy to qualify and the number of your assets.
Figuring this out on your own can prove to be overwhelming and confusing. When it comes to the medical industry and all that it entails, many clients don’t know where to turn to where to even start. We understand this and want to make sure you are properly represented in your time of need.
At Doane & Doane, our Medicaid planning lawyers have extensive experience advising clients on how to best plan their estates to comply with the new rules and regulations affecting those with medical conditions. As such, we can provide advice on Medicaid planning in Palm Beach County to ensure that your needs are met.
Planning for the Unexpected
Medicaid planning is important for individuals who require medical assistance when they become ill and have a limited source of income. This is because Medicaid will only be available if you meet the specific qualifications, which typically include being disabled or low-income.
When it comes to being disabled, you do not need to be paralyzed or in a coma to qualify as disabled; it’s more about whether your health limits what you can do on a daily basis.
When you have Medicaid planning in place, there are some ways that it can help protect your family in the event that something happens and you can no longer work:
Helps You Avoid Going Into Debt: It’s unfortunate, but many people find themselves paying an astronomical amount of money just so they can receive care when they’re hospitalized.
It’s best to prepare for this possibility by planning ahead and putting away some funds for medical expenses before anything happens. In doing so, your loved ones won’t have to worry about how to pay for your hospital stay.
Make Things Easier on Loved Ones: You’ll make things easier on your family members who are taking care of you when you’re unwell. Even if you’ve had Medicaid planning done, things don’t always go according to plan, and the unexpected may happen.
And when and if it does, the last thing that anyone wants is their family members having financial concerns while they’re trying to take care of them. With Medicaid planning, your loved ones know exactly what they’re dealing with financially before anything happens and will be able to give 100% attention to you during your time of need.
How to Prepare Yourself for Medicaid Planning
There are many ways to make preparations for Medicaid planning. You’ll want to identify the various sources of income that you have and whether or not those can be accessed by your spouse or children if both of you end up unable to work.
You’ll also want to compile a list of all your assets in case they’re needed, including property holdings and savings accounts. It’s important to consult our Medicaid planning lawyers to help you with this process. At Doane & Doane, our attorneys have extensive experience helping clients plan for tomorrow, so get in touch with us today to get started.
Palm Beach County’s Trusted Choice for Medicaid Planning
At Doane & Doane, we understand that Medicaid planning can be intimidating and overwhelming. But with the help of our experienced Medicaid planning lawyers, you can be sure to get expert guidance and direction. Our comprehensive approach ensures that you have the legal counsel you need to protect you and your loved ones in Palm Beach County. So call us today and let us make your life a little bit easier. To arrange a consultation to discuss your needs, call 561-656-0200. You may also complete our contact form to get started.
The information in this blog post is for reference only and not legal advice. As such, you should not decide whether to contact a lawyer based on the information in this blog post. Moreover, there is no lawyer-client relationship resulting from this blog post, nor should any such relationship be implied. If you need legal counsel, please consult a lawyer licensed to practice in your jurisdiction.