Medicaid Planning for Your Health
Medicaid, also known as Medical Assistance and Title 19, is to provide funds to pay for long-term care costs. Covered services include:
- Nursing Homes
- Assisted Living
- Community Based Residential Care Facilities (CBRP)
The tricky concept about Medicaid is that the rules constantly change. The current new law is significantly more complex, but opportunities to protect yourself and your assets still exist.
With proper long-term care planning, there is no problem strictly complying with the law. Our tools involve fully-disclosed asset transfers, asset purchases, divestment, and the use of protective trusts. Don’t try and DIY your way through Medicaid. These laws are filled with landmines and traps for the unwary.
Planning Strategies to Keep You Ahead
There are many variables to consider when planning for Medicaid and nursing home care. Slight nuances in these variables may require the use of a number of different asset planning strategies.
Check out these quick tips for obtaining healthcare:
- Have your care paid for by insurance
- Start investigating what is offered; the more options you will have, the less it will cost you in the end
- Don’t wait until you’re too old or too ill to qualify
We at Angermeier & Rogers give you the professional guidance in planning and healthcare decisions. Our Milwaukee attorneys have a heart for our clients, their health, and their financial future.
Common Questions about Medicaid and Long-Term Care
- If I give my house to my children, will it be protected from the nursing home?
- If I give away assets, will I be penalized concerning my ability to get assistance from Medicaid?
- If my spouse goes to the nursing home, will I have to spend all of our money?
- Will my revocable living trust protect my assets from nursing home costs?
- What would happen to our house if both of us had to go into the nursing home?
- Can the nursing home kick me out if I run out of money or if I go onto Medicaid?
- Is it illegal to give my assets away to qualify for Medicaid?
- What options do I have to protect and control my assets?
Don’t hesitate in consulting with one of our Wisconsin healthcare attorneys. We will answer any of your questions to ensure you fully understand the fine print and overall benefits of Medicaid.
Medicaid vs Medicare
There is a common confusion with Medicaid and Medicare; both are healthcare programs run by the government. Before making a decision, it’s important to know the difference.
Medicaid – state and federal program, providing healthcare coverage for those with a low income
Medicare – federal program for those 65+ with a disability, no matter the income
Angermeier & Rogers offers Medicaid services for those who wish to enroll. We want you to have the best health insurance option with maximum benefits for your health and well-being.
Asset and Estate Planning: What’s The Right Path for You?
Our attorneys regularly answer these questions and many more. Consistently we have counseled clients on how to save significant portions of their estate in strict accordance with the law. While some feel uncomfortable giving away their assets in order to qualify for government assistance, many others wish to legally conserve their assets so they will not run out of money for their own care and, if possible, have something left to leave their family. For this latter group of people, a carefully designed Medicaid qualification plan will allow them to protect what they have worked so hard for all of their life.
Additional Medicare and Long Term Care Planning Resources
- Elder Law in Wisconsin
- Medicare for Seniors in Assisted Living
- 3 Wisconsin Health Care Programs to Know