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Why do I need Medicaid planning?

On Behalf of | Aug 9, 2022 | Estate Planning |

Medicaid planning is a general term used to describe the process of maximizing your ability to use Medicaid. Preparing for Medicaid might involve several professionals and loved ones volunteering their time to help you live a better life in your old age.

According to Ohio.gov, aged individuals with a specific income limit may receive a monthly medical payment of $841 for individuals and $1,261 for couples. See below for some more information on Medicaid planning and why it might benefit your estate plan.

The benefits of planning

Everyone has a different experience and reason for applying for Medicaid. You might wonder why you even need to plan for it since it is a government program that helps those in need. The reason is that proving your eligibility is very complex. If you make a mistake in the process, you might face denial and must start over. Though a rejection does not mean you can never receive Medicaid, you must wait up to 90 days for the agency to process your application again. For low-income families, this might be devastating.

Planning for unforeseen circumstances

Planning for Medicaid in advance helps eliminate the risk of denial. Even if you do not believe you will need Medicaid, you should strongly consider planning. You cannot plan for unforeseen medical emergencies, loss of income or other setbacks that will make Medicaid a necessity.

It is much better to plan for something and not need it than need something you do not have. Start working on your Medicaid plan now, and you will live with greater peace of mind.