As you get older, you may have many important life aspects to think about. You may look forward to certain events, like retirement, but you may also worry about other potential issues, like suffering from an injury or illness in your later years. While some people may think you are just being a worrywart, planning for the possibility of needing long-term care is actually a smart move.
A considerable number of people over the age of 65 will need long-term care at some point. Unfortunately, this type of care can leave a significant financial burden on individuals and families who are not prepared. As a result, you may want to start looking into the possibility of qualifying for Medicaid.
You must meet the qualifications
Though Medicaid can provide financial assistance for disabled individuals and those over the age of 65, you must meet the qualifications. Mostly, the requirements for Medicaid eligibility focus on finances. If you have too much in assets, you may not qualify for assistance. However, by planning ahead, you may be able to rearrange your funds and better work toward eligibility.
It is also important to remember that each state handles Medicaid differently, so when looking for information, you will want to ensure that what you learn pertains to Missouri. You certainly do not want to gain information for the wrong state and end up taking the wrong steps as a result. Though you may need state specifics, in general, you cannot have more than $2,000 in assets outside your residence, vehicle and other necessities in order to qualify for assistance if you are single.
Spending down
In order to meet the financial qualifications, many people work to spend down their assets. However, you want to keep in mind that you do not have to give up everything in order to qualify for Medicaid.
When it comes to planning for Medicaid, having the right information and assistance can go a long way. If you want to make such preparations, you may find it helpful to work with an elder law attorney who can provide you with state-specific information and help you understand how your specific circumstances could affect your ability to qualify for Medicaid now and in the future.
