Medicaid is a joint federal and state program available to people who meet certain asset requirements that help pay for long-term care costs. Long-term care unfortunately often presents financial challenges for individuals in the United States including both the elderly as well as others who provide care for family members and lose income as a result. Despite these potential challenges, Medicaid is still one of the best methods in countless situations to pay for long-term care. Adequate planning for Medicaid can let you qualify for the program without experiencing financial hardships. To better help you navigate Medicaid, this article reviews some important tips to understand about the Medicaid planning process.
# 1 – Inform Yourself in Advance
Given that it is both a federal and state program, Medicaid standards differ based on the state in which a person lives. While other states have different names for the system, New York state calls the program Medicaid. A person in New York qualifies for Medicaid if that individual has high medical bills, receives Supplemental Security Income (SSI), or meets certain financial requirements. Unfortunately, however, many people wait to learn about Medicaid until catastrophic events occur that necessitate immediate planning. An increased risk exists during crisis that a person will listen to misinformed individuals. If you have any questions or concerns about Medicaid or the role it can play for your loved one, it is a much better idea to speak with a knowledgeable attorney.