Almost every working American would agree that they would love to work hard throughout their younger years, save up enough money, and retire at a reasonable age. Most would also welcome the idea of remaining healthy throughout old age and remaining in their home to live out their final days. However, that is not always the case. Our health naturally deteriorates as we age, making us more prone to bodily injuries and illness which can be costly. If you were able to save for retirement successfully, you might have disposable funds to afford medical expenses, but if not, you can find yourself in thousands of dollars in debt.
To prevent from having to dip into savings and falling in debt, many people consider Medicaid as a form of insurance. Unfortunately, getting approved for Medicaid isn't as straightforward as it should be. The application process is known to be complex, and even after successfully applying, many people are often denied. Improve your chances of securing the medical coverage you need by securing the services of an experienced Medicaid attorney.
The West Allis Medicaid attorneys at Heritage Law Office of Wisconsin are knowledgeable and genuinely invested in your well-being. We have numerous years of experience helping aging individuals maintain their Medicaid eligibility by providing sound legal advice and the implementation of proven estate planning strategies. Get in touch with us today to learn more about how we can help you with Medicaid planning.
West Allis Medicaid Planning Services
Medicaid is a service run jointly by the state and federal government that provides health and nursing care coverage for particular low-asset individuals. While commonly utilized by those over 65 years of age, Medicaid is available for pregnant women, children, people with disabilities, and the parents of eligible children.
Medicaid provides qualifying individuals with long-term care and medical services that they may otherwise be unable to afford which is why it is seen as a last resort. Those identified as having too many assets will likely be denied coverage and must pay out of pocket for all medical services.
Our role as your Medicaid attorneys is to help ensure that you remain eligible for coverage. We do so by structuring your estate plan in a manner that plans for Medicaid and addresses many issues including:
- Homeownership
- Planned gifts and transfers of assets
- Various types of trusts
- Medicaid eligibility requirements
We can accomplish Medicaid planning through your estate plan. If your estate plan fails to address Medicaid, however, bring it to us so we can help you construct a more comprehensive estate plan.
Maintaining Medicaid Eligibility in West Allis
Medicaid is primarily designed for individuals with little to no assets outside of their home. As a result, individuals with too many assets believe that “spending down” assets guarantee approval. As ideal as it may seem, selling your home or car to remain eligible for Medicaid may not be as favorable as it seems.
There is a five-year period before you apply for Medicaid referred to as “the lookback period.” Medicaid officials inspect this period for red flags indicating suspicious activity. Some of the most common things they look for is the liquidation, selling or transferring of assets. If caught doing any of these, you'll likely get denied for Medicaid, at least for a period of time. The reason being that the funds associated with those assets could've been used to pay for medical expenses and long-term care.
This is only one of the many factors that can ruin your chances of getting approved for Medicaid. Allow a seasoned Medicaid planning attorney to help prepare your estate in a manner that best sets you up for approval of Medicaid coverage.
How a West Allis Medicaid Attorney Can Help
The West Allis Medicaid attorneys at Heritage Law Office of Wisconsin are experienced estate planning lawyers who apply their extensive legal knowledge to the benefit of their client. Aging can be considerably expensive, especially when living with terminal conditions and long-standing medical issues. Our team is here to help ensure that your assets and savings are protected while structuring your estate most favorably to you. Contact us today at 414-253-8500 for a free case evaluation.