Medicaid is a program that benefits millions of Americans a year. As a result, you may be wondering about the program, whether you qualify, and more. Read on to learn the answers to some of the most common questions regarding Medicaid planning in Michigan.
What is Medicaid?
Medicaid can provide those who qualify with coverage for many health expenses that arise over the years. This can include medical expenses, the cost of a home health aide, or assisted living facilities, and more. Medicaid planning may include the following:
- Creating irrevocable trusts
- Transferring the title of your home to your beneficiaries
- Prepaying funeral expenses, paying off outstanding mortgages or other debts, etc.
How far in advance should I begin planning?
Many people do not realize that it is important to start Medicaid planning at least five years in advance. Failing to do so can hinder the process and result in serious fines that can harm your financial situation. It is important to note that when applying for Medicaid, your assets and financial history will be looked into thoroughly. As a result, it is necessary to have a clear picture of your financial status. Working with a Medicaid planning attorney can help ensure that you are prepared for the process ahead.
Am eligible to receive Medicaid?
Medicaid is a program for individuals whose income and/or resources are below certain levels. Individuals who are eligible for Medicaid can include children, pregnant women, single individuals, families, and individuals certified blind or disabled. If you are unsure whether you qualify for Medicaid, reach out to our firm to discuss your eligibility and options.
Planning for the future can be stressful, but our firm is here to help. We are here to walk you through the process every step of the way. If you have any questions or concerns about Medicaid planning, or any other estate planning matters, contact us today to speak with an experienced and dedicated estate planning attorney.
Contact our Firm
Sometimes, divorce, family, and estate matters are difficult to navigate. Fortunately, they do not have to be with the assistance of a compassionate, knowledgeable attorney who is willing to guide you every step of the way. If you need a seasoned firm to help you with any divorce, family or estate-related matter, please do not hesitate to contact Collis, Griffor & Hendra today to schedule a consultation.