Somerset Medicaid Lawyer

For many people, long-term planning is not a priority. It might not seem pressing, but getting an early start is crucial because it could save you from steep financial consequences. When you wait too long, you could suffer from a lack of access to necessary care, which will be monetarily detrimental.

The good news is that a dedicated elder law attorney could help you prepare. Medicaid benefits might be able to cover these costs, and careful financial maneuvering could ensure you do not give up your current assets or pay avoidable penalties. A Somerset Medicaid lawyer could help you chart a path for the future while protecting your savings along the way.

Understanding Medicaid Lookback Penalties

To prevent people from giving away their possessions to immediately qualify for Medicaid, the law applies a penalty for any asset transfers that happen within a set period. This so-called “lookback period” generally lasts for the five years before a person applies for Medicaid benefits.

The penalty for making these transfers is a period of ineligibility for the program. The length of this penalty depends on the value of the transfer as well as the average monthly cost of inpatient care. An attorney in Somerset versed in Medicaid regulations could guide your planning.

The Benefits of Medicaid Planning

Major benefits can come with planning for the future. While most people would rather not think ahead to a time when they need long-term care, doing so could dramatically affect their finances now and in the future.

By making arrangements now, you have the chance to enjoy peace of mind in the future that their medical needs will be addressed. There are few things more distressing than wondering if you can afford necessary care. Ensuring compliance with the guidelines for Medicaid can provide you with confidence that you are ready for what comes next in life.

These efforts are about more than making certain the appropriate future medical care is available. The right approach could allow you to not only qualify for Medicaid in the future but do so without giving up your life savings first.

Each of these benefits alone can make it worthwhile to plan right away. A Somerset lawyer could help develop an approach for avoiding Medicaid penalties in the future.

Options to Avoid a Penalty

It is a common misconception that a person must spend down everything they have at least five years before they intend to seek benefits. That is not the case. With the help of an attorney in Somerset, there are options for qualifying for Medicaid without the risk of facing harsh penalties.

Spending these funds can be part of the plan, however. Many people give gifts to their heirs before the lookback period commences. Others choose to make charitable donations.

There are other exceptions to be aware of. For example, it can be possible to transfer the family home without penalty if an adult child has lived there and served as caretaker for their parent. Legal counsel could provide analysis on each of the exceptions that might be available.

Contact a Somerset Medicaid Attorney Immediately

Developing an appropriate plan for the future could ensure your needs are met both then and now. However, any misstep could result in penalties that prevent you from qualifying for government benefits that would pay for your long-term care. Call right away to learn how a Somerset Medicaid attorney could help.