Longmont Medicaid Planning Attorney

Medicaid planning has to be done when you are young enough to ensure that you qualify for it when you need it and aren’t hit with any penalties if purchased at the wrong time. There are several different types of Medicaid planning tools that a qualified attorney can help you implement to ensure that you meet the income eligibility requirements for Medicaid without having to exhaust your entire life savings. One option is a Medicaid-friendly annuity. Our Medicaid planning attorneys want to make sure that you get the care you need while preserving the bulk of your assets.

The Longmont Medicaid planning attorneys at Brady, McFarland & Lord, LLC have been helping people for more than 20 years, and we treat all of our clients the way we’d want our own family members to be treated. We want to protect what’s yours and make sure you get the advice you need. Contact us today at (303) 420-2863 or contact us online to set up a free initial interview.

Why You Need a Longmont Medicaid Planning Lawyer

Purchasing annuities is complicated even if you don’t have to take Medicaid planning into consideration. It’s absolutely crucial that you hire an attorney who can help you purchase the correct type of annuity. If you don’t purchase annuities correctly, you could be disqualified from receiving Medicaid or incur financial penalties.

What Is an Annuity?

In order to understand how a Medicare-friendly annuity can help you qualify for Medicaid, it’s essential to first understand what an annuity is. An annuity is a contract between you and an insurance company where you purchase a stream of payments that gets paid out to you over time.

Why You Should Set Up a Medicaid-Friendly Annuity

If you purchase the correct annuity, it won’t count as part of your assets when the determination is being made about your Medicaid eligibility. This means you can basically exceed the Medicaid eligibility income limit but still be eligible for Medicaid.

What Makes an Annuity Medicaid-Friendly?

In order to be Medicaid-friendly, the annuity you purchase must be an immediate irrevocable annuity and meet the following guidelines:

  • It must be non-assignable and irrevocable; and
  • The annuity must name the state as the death beneficiary up to the amount equal to benefits that Medicaid paid; and
  • You must purchase the annuity from a company that typically sells annuities as part of its business.

If the annuity is being paid out to you, a Medicaid recipient, the following guidelines must also be met:

  • The annuity must be “actuarially sound.” This means there is an expectation that it will pay out fully during your lifetime. Life expectancy is determined by a table issued by the Social Security Administration; and
  • The annuity must make substantially equal periodic payments, OR the annuity is a qualified individual retirement annuity or purchased from a qualified individual retirement plan.

Contact Our Longmont Medicaid Planning Lawyers Today

You should always start considering Medicaid planning at the proper time so you can make sure your assets are protected and ensure that you or your loved one gets the healthcare that they need. There are rules for the purchasing of annuities that will affect whether they are considered Medicaid friendly, and our Longmont estate planning attorneys have been helping people with Medicaid issues for more than two decades. Additionally, we offer an initial interview at no charge so we can learn about your needs and determine how we can help you best. Contact us today at (303) 420-2863 or contact us online. We are always here for you.