Medicaid Planning in New Jersey: Preparing for Your Future Long-Term Care Needs

Medicaid Planning in New Jersey: Preparing for Your Future Long-Term Care Needs

Medicaid can pay for your nursing home care; however, you need to carefully plan for it to secure the benefits you need. A lot of people are eligible for these benefits, but the majority of those in nursing homes are older and have long-term care issues. These people might have assets they wish their relatives to inherit, which is a good reason to work with a New Jersey Medicaid planning lawyer. Planning for Medicaid sooner provides you with more options to protect your assets and loved ones. Also, Medicaid planning can help you explore different strategies like to be eligible for Medicaid benefits when you need them someday. When you meet with an attorney to discuss your options, you must consider the following:

Not All People Qualify for Medicaid

Medicaid is administered in every state differently. Every state has certain rules to determine your eligibility, which you must discuss with your attorney. There are income and asset limits to consider and when you exceed them, Medicaid won’t pay for your nursing home care.

Why Plan Early

To determine your eligibility for Medicaid benefits, the government will examine your finances within 5 years of your application date. Preparing your finances for Medicaid application sooner allows you to be effective. Your lawyer can advise you throughout the process, assisting you when preparing for Medicaid. Whether you want to transfer your assets to a trust, create a spend-down plan, or need unique arrangements, an experienced lawyer can represent you. Your lawyer can personalize your plan to ensure it fits your situation. They will listen to you and understand your goals, so they can design a plan tailored to your unique situation. 

Understanding Transfer Rules

Transferring or gifting your assets a few months before you live in a nursing home cannot make you eligible for benefits. Rather, you can use legal ways your lawyer can outline to prepare for this. Transferring assets too close to your entry to a nursing home can have you dealing with penalty periods. When this happens, you must spend down your assets until this period expires. 

You can only know your Medicaid planning options when you hire an attorney. You may not expect to deal with a long-term care event; however, the expense of this event can catch you off guard. Your attorney knows the options you can consider to qualify for Medicaid benefits. They can tell you what to expect when you plan to live at a nursing home. By having a plan in place, you can protect your assets without ruining estate plans.