Medicaid helps millions of Americans throughout the United States. If you believe you are eligible to receive Medicaid, it is beneficial for you to begin planning for your eligibility at least five years in advance. When eligibility is determined, the history of your assets will be looked into. As a result, you must have a clear picture of your financial status. The failure to prepare yourself can result in serious fines and other legal repercussions. It is best to reach out to an experienced attorney to ensure that you are on the right track. Read on to learn more about the process. 

Am Eligible to Receive Medicaid in Michigan?

Medicaid is a program for individuals whose income and/or resources are below certain levels. That being said, there are individuals who have medical bills that may be eligible even if their income and/or resources are above the Medicaid income levels that are allowed. These levels generally change on January 1 of every year, so be sure to do your research. 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 are eligible to receive Medicaid, you can reach out to our firm to discuss your various options. 

Best Ways to Restructure Assets 

As stated before, your assets will be looked into in order to help determine your eligibility. Luckily, there are a variety of ways that you can restructure your assets in order to better your chances of receiving Medicaid coverage. This can include: 

  • Gift certain assets to family members or loved ones
  • Create irrevocable trusts
  • Transfer the title of the home to the beneficiaries who would receive it upon the decedent passing anyway
  • Pay off debts and mortgages 
  • Make repairs to your home 
  • Prepay for your funeral expenses
  • Consult an attorney regarding other restructuring method that may work for your specific situation

If you have any questions or concerns regarding Medicaid coverage in Michigan, contact our firm today. We are here to advocate for you and walk you through the process every step of the way.

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.

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