Medicaid Planning Effectively
Medicaid planning can seem like an extremely difficult task, but it doesn’t have to be if you follow these steps correctly. This guide will walk you through everything from researching Medicaid rules and regulations to finding the right team of professionals to handling the overall process of Medicaid planning. It can help you plan effectively and take some of the burden off your shoulders so that when you need it, you’ll be able to rest easy knowing that your family will be provided for, no matter what happens in the future.
What is Medicaid planning?
You may have heard a lot about estate planning, but there is an entire branch of estate planning that deals with providing for people with disabilities or other conditions who might be unable to take care of themselves. This kind of planning goes by many names: long term care, or special needs planning, but at its core it’s about making sure your loved ones who can’t support themselves financially are taken care of. There are several ways to do this, from trusts and annuities to insurance and Medicaid application. No matter what you call it, taking time to plan ahead will mean more peace of mind in an already stressful situation.
Who needs to do Medicare planning?
Everyone needs to do some type of medicaid planning at some point in their lives. Whether you’re a senior citizen, or an employee with a big company that offers group health insurance, chances are that there’s someone out there in your family who will need long term care one day and when they do, it’s good to know what your options are. If you think it’s something that may affect you at some point then don’t put it off any longer. Take advantage of these tips for finding out how to get into Medicare and start planning for its uncertain future now.
How does your estate get divided up without executing a will?
Living without a will (called dying intestate) can be an oversight with disastrous consequences. Without a will, your assets are likely to be distributed according to state law and can end up leaving out loved ones or causing unnecessary headaches for survivors. And unlike other legal issues that can be complicated, estate planning is fairly straightforward: Find an attorney you trust; have your documents drafted; and start executing your plan.
Here’s how it breaks down: Start by considering whether you want to create a living trust instead of drawing up a will yourself. There are pros and cons, but in general living trusts make it easier for family members to administer assets when you die because they don’t have to go through probate court.
How can you alter your home so that it’s easier for a person with limited mobility to live in?
Use thicker rugs in your home, as they’re easier to maneuver than thinner ones. Install good lighting throughout your home—this will help you see obstacles and other people when moving about. Add grab bars to all of your showers, and make sure you have a handrail by every staircase. Consider adding ramps and widen doorways if possible, too. And do not clutter hallways or walkways with furniture; place it strategically for convenience. Keep in mind that these suggestions are only a few of many considerations for those looking to modify their homes for disability access; however, making a few simple changes can greatly improve quality of life for everyone in your household.
If you live in a state that doesn’t offer assistance with long term care, consider planning ahead. Find out more about long term care insurance. Think about your family and how they might react to a long term illness or injury, and plan accordingly. Educate yourself so you are well aware of your options. Don’t leave it until you become incapacitated because then it may be too late to make informed decisions.