Does the idea of being able to continue living in your home and avoiding excessive medical treatment sound appealing? If so, you're like many other Americans. Unfortunately, health complications naturally come with old age and without proper planning, you can find yourself paying large amounts out of pocket. This can result in you depleting your retirement funds way sooner than expected.
Many individuals wish to apply for Medicaid to avoid having to erode their retirement funds, but the process is famously complex. Consequently, many people submit applications with errors which almost guarantees coverage denial for individuals who may actually qualify for benefits. Ensure that you get the coverage that was implemented specifically for your benefit by seeking the legal counsel of a seasoned Medicaid attorney.
The West Bend Medicaid attorneys at Heritage Law Office of Wisconsin are dedicated to helping you get the coverage to which you're entitled. Our team can help you whether this is your first time applying or you've been previously denied. Allow us to use our experience and knowledge to help protect your retirement funds and your pockets from the costs commonly associated with aging.
Planning for Medicaid in West Bend
Estate planning is something that people tend to put off, but that can be counterproductive in the long run. The average American doesn't start saving for retirement until the age of 31 with many others starting closer to 50-years-old. While this may seem acceptable to some, having an employer-sponsored savings account like a 401(k) is only one of many ways to help ensure financial stability in old age. By delaying saving, many find it difficult to afford long term health care and look to Medicaid for assistance.
Our team of Medicaid attorneys can help create a comprehensive estate plan that addresses all of your estate planning concerns, including Medicaid eligibility. Some of the topics we cover include:
- Medical needs
- Financial and non-financial Medicaid eligibility
- Estate recovery
- Claim denials
Spending Down Assets and the Lookback Period
The idea of one having to spend-down assets to qualify for Medicaid is widespread, but it is not the only mean of maintaining eligibility. The rationalization behind spending down assets is rooted in the fact that individuals with sufficient income or high-valued property will likely be denied benefits. This often pushes individuals to sell their homes and cars, but that isn't always the most favorable option.
There is a five-year lookback period that Medicaid officials will inspect for various activity. If you, for example, transferred or sold assets in the five years before submitting your Medicaid application, they can impose a penalty period to your eligibility request. The reason being is that they assume that those funds could have been used to help afford long-term care. This is only one of the many conditions associated with getting approved for Medicaid and, without the proper legal counsel, you may end up making a regrettable mistake.
Get Help from a West Bend Medicaid Attorney
The West Bend Medicaid attorneys at Heritage Law Office of Wisconsin have a wealth of experience guiding Medicaid applicants to an approval. We understand that the financial burden that can result from having to afford ongoing medical treatment, procedures, and even nursing home care can be too much to handle. Allow us to put our numerous years of experience to work for you. Contact us today at 414-253-8500 for a free case evaluation.