Maryland Medicaid Planning Attorney
Getting older and facing extensive healthcare costs is an experience that many seniors in Maryland face. Hospital visits become more frequent, and older adults often require more prescription medications. However, just because many Maryland residents need to think about Medicaid benefits and long-term care does not make this process any easier. To be sure, elderly adults face specific legal issues surrounding Medicaid benefits and long-term care, often in nursing homes or assisted-living facilities in the state. Many Maryland residents worry that they could end up requiring care in a skilled nursing facility and that they will not have the assets to pay for it.
It is extremely important to begin thinking about Medicaid planning long before you need to rely on these benefits to pay for care in a nursing home. At the same time, if you or your spouse unexpectedly becomes ill and needs to stay in a skilled nursing facility, it is not too late to work with a Maryland Medicaid planning attorney to help you pay for what you need while protecting your hard-earned assets. Contact the law firm of Frame & Frame today to learn more about how we assist Maryland residents with a wide variety of estate planning needs.
What is Medicaid Planning?
What is Medicaid? It is a federal-state healthcare program. Many Maryland residents have heard that Medicaid is a program for low-income and otherwise needy individuals. While this is true, it is also a healthcare program for older adults that helps to pay for the following:
- Costs of hospitalization;
- Physician and other outpatient medical services (like doctor’s visits, lab services, and medical equipment, for example);
- Medicare Advantage Plan; and
- Prescription drug costs.
There are more than 4.6 million seniors who currently benefit from Medicaid, especially when it comes to paying for long-term care. A Maryland Medicaid planning attorney can explain in more detail how Medicaid may be able to benefit you.
Why Do I Need to Think About Medicaid Planning?
Many Maryland residents might be wondering why they need to speak with an estate planning lawyer about Medicaid planning. In short, care in a skilled nursing facility can be extremely expensive, and many seniors to do not plan in advance for the costs associated with long-term care. To be sure, the median cost of nursing home care in Maryland is more than $101,000 per year. What is involved in Medicaid planning?
In short, you may need to spend down your assets and savings in order to qualify for Medicaid. There are ways to do this that can allow you to protect some of your assets for your partner, as well as for your children and other loved ones. Unless you speak with an estate planning lawyer, you may not be able to protect some of your assets, and worse, you could be penalized if you transfer assets in a manner that is not allowed under Medicaid rules.
Learn More from a Maryland Medicaid Planning Attorney
Do you have questions about Medicaid planning and getting ready for a nursing home or long-term care? A Maryland Medicaid planning attorney can speak with you today about your options. Contact Frame & Frame for more information.