St. Petersburg Elder Law & Medicaid Attorney
As a person ages, their healthcare costs generally increase significantly. A long-term illness, injury, or disability can cause an elderly individual to incur high medical expenses that they do not have an income to pay for. Senior citizens often worry about how they will pay for these costs. It is a common misconception that a person has to empty their bank account or sell their home just to cover their medical costs. Medicaid is available and can provide benefits for these costs, as well as coverage for long-term care.
Medicaid is a needs-based program, which leads many people to mistakenly believe that they are ineligible for these benefits. Fortunately, that is not true. Below, our St. Petersburg elder law/Medicaid attorney explains what this type of planning is, and how you can protect what is most valuable to you.
What is Medicaid?
Medicaid is a program overseen by the federal government and administered by individual states. Many people believe that Medicaid is only available to individuals with low incomes or those who need benefits but are facing hardship. Although it is fairly obvious that these individuals are eligible for Medicaid, many other people can benefit from Medicaid, as well. Medicaid can provide coverage for the following:
- Medicare Advantage Plan
- The cost of hospitalizations
- Cost of medical services including lab services, doctor’s visits, medical equipment, and more
- The cost of prescription medication
- The cost of long-term care
Strategies for Medicaid Planning
There are many different strategies that can help you become eligible for Medicaid benefits. These involve wills, irrevocable trusts, life estate deeds, advance directives, and other estate planning tools. With a comprehensive estate plan, you can protect your assets and obtain the government benefits you need.
For example, one of the eligibility requirements for Medicaid is that an applicant cannot have more than $2,000 worth in assets. If you own a home or a vehicle, your assets may exceed this value. If you create a trust and fund it with the property that is greater in value than $2,000, it often no longer belongs to you. Instead, it becomes the property of the trust. However, you can often still control and access the asset. When the asset no longer legally belongs to you, it can reduce the amount of assets you have and make you eligible for Medicaid.
Not all types of trusts may provide you with the protection you need when applying for Medicaid benefits. An elder law and Medicaid attorney can advise on the best estate planning tool to use that will protect you now, and in the future.
Our St. Petersburg Elder Law/Medicaid Attorney Provides Sound Legal Advice
If you are about to apply for Medicaid or you have another elder law issue, you need sound legal advice. David Toback is a St. Petersburg elder law/Medicaid attorney who can provide it while always making sure your best interests are protected. Call us now at 813-252-7529 or chat with us online to book a consultation and to learn more.
