The Law Office of Paul Black can help with Medicaid planning in Georgia. Plan your family’s future now. Call us to schedule a consultation!
Author: Paul Black
Paul’s experience as the son of two parents with big health challenges is what led him to the work he does today and gives him first-hand knowledge of the challenges that many caregivers and family members face. After graduation from GSU Law, Paul was chosen from dozens of applicants nationwide as one of three 2010-2011 Borchard Foundation Law & Aging Fellows. Paul has been named as a SuperLawyers “Rising Star” in the area of Estate Planning and as a member of Georgia’s “Legal Elite” by Georgia Trend magazine. Published on: May 15, 2023.
What Is the Process for Medicaid Planning?
It’s never too early to start planning for your family’s future.
If you have questions, I’m here to help. There is no commitment and we provide free initial 15-minute phone calls. We look forward to meeting you.
Medicaid is a joint federal and state program that provides health insurance to people with limited income and resources. It provides benefits such as nursing home care and personal care that Medicare does not cover.
The plan is available to senior citizens, pregnant women, people with disabilities, and children. It is also available to some non-US citizens. The amount of income that is relevant to the size of a family determines eligibility for the plan.
However, calculating whether you qualify for this program can be a bit of a challenge. The poverty level percentage that determines qualification varies from state to state. To determine if you meet all the requirements, you will need to determine your state’s specific requirements, calculate your income according to your family size, and determine if your household meets all the requirements.
Medicaid eligibility is a complex process that most people find challenging to navigate. This is one reason why Medicaid planners are so popular. Considering that each state has different rules, a lengthy application and review process, and your future health at stake, hiring a planner could be a good idea.
Types of Medicaid Planners
There are different types of Medicaid planners out there. You must understand your options before joining the about 60% to 75% of applicants that engage the services of Medicaid planners.
You could either get free assistance for your Medicaid planning from volunteers or pay for the services of experienced attorneys. You should note that not everyone qualifies for the free assistance of a Medicaid planner.
Elderlaw attorneys, commission-based Medicaid planners, insurance agents, geriatric care managers, AAA benefits counselors, case managers, eldercare financial planners, and long-term care ombudspersons offer Medicaid planning services.
If your Medicaid countable assets exceed the required limit for your state, you might want to look into employing the services of a paid planner. The attorneys will know what to do to ensure that you can get into the program or, at least, have enough funds for any healthcare needs you might have in the future.
Knowing what you need out of your Medicaid planning will help you make the most of the services of your Medicaid planner. Ensure that you present all the facts about your family situation and finances to your planner so they can implement the best strategies for you. What works for one person might not work for another. However, your lawyer will know how best to make the Medicaid program work for you.
How Does the Medicaid Planning Process Work?
Planning for Medicaid will largely depend on what you need from the Medicaid program. However, most of the planning process will start with a consultation.
This consultation will focus on your health status as well as your financial resources. Moreover, your attorney will inform you of the chances of your application being approved and what Medicaid benefits you are entitled to. Also, you can get an estimate of the cost of your Medicaid planner’s services.
Choosing a Medicaid planner sets the ball in motion for your Medicaid application. Our team will develop a plan for you and develop an appropriate strategy for executing it. This strategy may take weeks or months to implement, based on your situation. There is, however, the possibility of getting retroactive Medicaid if you require medical care right away.
Medicaid Planning Strategies
The Medicaid planner can help you plan your assets and ensure you qualify for Medicaid. A nursing home resident applying for Medicaid should have no more than $2,000 in countable assets in most states.
Strategies like irrevocable trusts, spousal annuities, transfers, spending down assets, rental property purchases, and personal services contracts can help manage your assets when applying for Medicaid. Your Medicaid planner can also help you plan your income.
In Medicaid planning, a planner can also use qualified income trusts, also known as Miller Trusts. QITs in Georgia do not hold any money or assets. A QIT owns a bank account through which income is transferred to Medicaid applicants when their income exceeds the limit. You can also transfer assets to your healthy spouse.
Alternatively, your planner might recommend a Medicaid asset protection trust (MAPT). Medicaid asset protection trust is a trust designed to protect assets from counting for Medicaid eligibility. The MAPT enables a person to qualify for long-term care benefits from Medicaid while protecting their assets from depletion. You might consider establishing a special needs trust in Georgia for a child with special needs.
Medicaid qualification change every year based on inflation and the changing poverty line. So, the planning strategy that worked for your friend in a similar situation might not work for you today.
Your attorney can keep you up-to-date with the law and work with you for a successful Medicaid application. An attorney can also advocate for you if you have been previously denied Medicaid.
How Much Does Medicaid Planning Cost?
The cost of your Medicaid planning varies depending on your Medicaid planner, your needs, and the services rendered. Some planners offer free services, but you must be careful to ensure you’re getting the best advice.
Generally, elder law attorneys charge more than other Medicaid planners that are not attorneys. The volume of the applicant’s income and assets might also affect the cost of Medicaid planning.
Get Reliable Medicaid Planning Services
It is essential to have someone who understands the ins and outs of the Medicaid program planning your application. You do not want to leave any part of it to chance as it concerns the quality of life you and your loved ones get as you age.
The Law Office of Paul Black can help you! With a free 15-minute call with one of our Georgia lawyers for special needs planning, you can determine how our services will work best for you.
