What You Need to Know About Medicaid Crisis Planning
Long-term care and assisted living can strain the finances of many Americans. Injuries and illnesses often catch us off guard, requiring extensive care and ongoing treatment. It can be hard to know where to turn first with medical bills accumulating.
Fortunately, some individuals may be eligible for Medicaid benefits, which can help pay for long-term care and assisted living expenses. However, gaining access to these funds can be challenging to navigate by yourself.
With the guidance of an elder law attorney, Medicaid crisis planning can help you determine if you’re eligible for these benefits. By personalizing a Medicaid crisis plan to your needs, an attorney can also assist you with managing your finances throughout the process.
What Is Medicaid Crisis Planning in North Carolina?
When you seek Medicaid crisis planning, you enlist the aid of an attorney to determine your eligibility for Medicaid while protecting your assets. As a federal program, Medicaid is available to individuals across the United States. However, each state distributes Medicaid funds differently, so the services you receive will depend on where you live.
In North Carolina, the laws governing Medicaid prevent people with assets or earnings above a certain amount from receiving funds. This can make it difficult for some individuals to access the benefits they need. With Medicaid planning, attorneys may be able to reorganize your finances so you qualify for these services.
How an Elder Care Attorney Can Help You with Medicaid Crisis Planning in North Carolina
Elder law attorneys are familiar with the Medicaid application process and the costs associated with long-term care and assisted living facilities. They can help you with the following planning options:
- Resource Management – Long-term care is expensive, and using your own money to pay for nursing home care can be taxing. An attorney can help you manage your finances to afford long-term care with or without Medicaid support.
- Eligibility – Determining your eligibility can be more complicated than knowing if you make above or below a certain amount. Your assets also factor into your eligibility. An attorney can calculate how they will influence your odds of receiving funds.
- Financial Strategies – Many people think their income is too high to qualify. However, an attorney can help you explore Medicaid planning options to help you transfer or reorganize your finances to meet the requirements.
- Know When to Apply – Even if you already qualify, there are still ways to improve the outcome of your Medicaid application. Timing is crucial, and planning ahead can ensure that you’re in good standing to receive funds.
When Should I Apply for Medicaid Funding in North Carolina?
When you should apply for Medicaid funding will depend on your present needs and financial means. Every case is different, and an elder care attorney will work with you to establish a timeline for your application based on your circumstances.
Although it’s good to plan with an elder law attorney in advance, it’s never too late to seek Medicaid crisis planning. Even if you’re already receiving long-term care or live in an assisted living facility, an attorney can still help you organize your finances and apply for funding.
The sooner you contact elder care legal services, the sooner you’ll find out if you qualify for Medicaid. An attorney can prepare you for the eventual costs of long-term care and put you in a better position to receive funding in the future.
At the Brady Cobin Law Group, we’re here to answer all your Medicaid crisis planning questions. From Medicaid services to estate planning, our experienced legal team has provided elder care legal support to the Raleigh, NC, area for over 35 years. Call us today at (919) 782-3500 to find out what we can do for you.