Planning for long-term care is crucial, but the process of securing benefits through Medicaid can seem overwhelming and confusing. Unfortunately, many common misconceptions cloud the reality of Medicaid planning, leading families to make critical, costly mistakes. We aim to offer clarity and accurate information. As a trusted medicaid planning law firm, we are here to address and dispel the most widespread myths we encounter daily.
Medicaid Planning is Only for the Impoverished
Many clients believe their family must completely exhaust their savings to qualify for Medicaid, viewing it as a program strictly for the destitute. This is a significant misunderstanding. Strategic medicaid planning allows us to protect substantial assets while still meeting the eligibility requirements for long-term care coverage. We help preserve your financial legacy.
Assets Must Be Given Away Five Years in Advance
The federal government’s five-year “look-back” period is a critical rule, yet many misunderstand its application. While gifting assets within this window can incur a penalty, it does not mean planning is impossible afterward. As your elder law attorney in Maryland, we can implement effective planning strategies even for clients facing an immediate need for care.
Medicare and Medicaid Are Interchangeable Terms
A very common error is confusing Medicare with Medicaid, but they serve fundamentally different purposes. Medicare is an insurance program, largely for hospital and medical expenses. Medicaid is a public assistance program that, crucially, covers the cost of long-term custodial care, such as nursing home expenses, which Medicare generally does not.
It’s Too Late to Start Planning Once Care is Needed
While proactive planning offers the most options and protection, it is never genuinely “too late” to start working with a medicaid planning law firm. Even when a loved one is already in a nursing home or requires immediate home care, we can employ crisis planning techniques to accelerate eligibility and maximize the protection of available assets.
Successfully navigating the complexities of Medicaid planning requires professional guidance to avoid costly pitfalls. At JDKatz, we are dedicated to providing precise, compassionate legal solutions for families in Maryland, Virginia, and Washington, DC. We empower you to secure the care you need while protecting the assets you have worked hard to earn. Contact us today to schedule a consultation and learn more about our elder law services.