Denver Medicaid Planning Attorney
For most people in America, health insurance can be very stressful and confusing. If you are unable to find a job that offers health insurance benefits, then you have to find a way to pay the sometimes exorbitant monthly premiums and buy health insurance on your own. Fortunately, Medicaid offers health insurance for millions of Americans who otherwise wouldn’t be able to afford it. It’s important to start thinking about your healthcare before something catastrophic happens.
If you organize your assets and plan properly, you might be able to qualify for Medicaid even if you think you earn too much money. This can help you pay for a nursing home or other long-term care that you might need while still giving you the chance to pass on some of your assets to your children or other family members. At Brady, McFarland & Lord, LLC, our Medicaid planning lawyers in Denver have decades of experience helping people take control of their health and planning appropriately so they can get the savings and care they need. Contact us today at (303) 420-2863 or contact us online to set up a free initial interview.
Why You Need a Denver Attorney for Medicaid Planning
When you hire an experienced Medicaid planning attorney, they can help you structure your assets in a way that allows you to qualify for Medicaid when you initially thought you would be ineligible. Most importantly, they will ensure that everything you do is proper and legal so you won’t end up in trouble or responsible for fees and/or penalties you didn’t plan for or expect.
What Is Spending Down? Should I Do This to Qualify for Medicaid?
Spending down occurs when a person spends or uses resources as a way to qualify for Medicaid. Medicaid is need-based, so many people spend a significant portion of their money in order to be eligible and get their healthcare taken care of. While this is certainly one strategy that might work for some, an experienced Medicaid planning attorney can help you organize your assets so you can avoid this type of pitfall.
The 5-Year Look Back Rule
Many people are under the impression that they can simply give their assets away so that they qualify for Medicaid. This way, they can still pass on their wealth to their children or grandchildren and have Medicaid pay for their nursing home care. This is incorrect. It’s crucial to understand that anytime you apply for Medicaid, they will examine any gifts you have given over the last five years. If they determine that some of these gifts are too large, you will likely not be eligible, at least for the time being. For example, if you decide to give your house to your child and then apply for Medicaid the following year, this could be a problem. Depending on the value of your home, the gift you have given could be the cause of your ineligibility for Medicaid for many years, which could be very detrimental to your healthcare needs and planning.
Contact Our Denver Medicaid Planning Lawyers
At Brady, McFarland & Lord, LLC, our only goal is to make sure you get the legal advice you need. If you’re struggling with figuring out how you are going to pay for a nursing home or a long-term care facility without completely depleting all of your assets, we can help. Contact our Arvada estate planning attorneys today at (303) 420-2863 or online to set up a free initial interview.