Medicaid planning is crucial for safeguarding your comfort and well-being during your golden years. Given the frequent changes in Medicaid, especially regarding eligibility, it’s wise to collaborate with legal experts.
Medicaid planning encompasses:
- Financial resource organization
- Document preparation
- Asset management and transfers
- Trust establishment
- Preservation of family resources
- Eligibility assurance
- Conversion of countable assets to exempt assets
Thanks to healthier lifestyles and enhanced medical technology, life expectancies in the U.S. are at an all-time high. But that also means more seniors will require some form of long-term care. Whether in-home assistance or a long-term nursing home stay, it’s becoming inevitable that most of us will require such care at some point in our lives.
Problem is, such long-term care is growing more expensive every day. In fact, some studies estimate that nearly two-thirds of families will run out of money within the first year or two of moving into a nursing home. Unfortunately, most private health insurance plans and Medicare don’t cover long-term care costs—which can average $8,000+ per month in Ohio, depending on what level of care you require.
Medicaid planning becomes essential in scenarios like:
- Both partners in a marriage need care
- Only one partner requires assistance
- A single individual without significant assets or income
- A healthy couple envisioning long-term strategies
Without proper Medicaid planning, the high costs of care facilities could exhaust your savings in no time. Planning ensures that your assets remain protected even when faced with such substantial expenses.
Although Medicaid is aimed at supporting those with limited income, careful planning allows families to secure the best possible care without compromising their assets. Contrary to misconceptions, Medicaid planning is legally recognized across all states and is a vital component of holistic estate planning.
At Krugler Law, our experienced professionals can help you develop a strategy to manage potential costs, ensuring both you and your loved ones can focus on enjoying your golden years.
Contact Krugler Law today and take control of your tomorrow.
4959 Delhi Rd, Cincinnati, OH 45238
(513) 916-1600
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