What is Medicaid planning?
Medicaid planning consists of preparing in advance or in response to an unanticipated need for care. This means looking at your assets and setting up a plan that will benefit you and your family. The goal is to make sure you are ready in the event that you need long-term care. There is a tremendous financial burden that comes with long-term care. Most nursing homes range between $40,000 to $180,000 a year. If an individual does not qualify for Medicaid, the only way to receive this type of care is to pay out of pocket. This is where Medicaid planning comes in. An elder law attorney can sit down with you and help you lay out a plan so that when you need long-term care you are able to qualify for it.