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Carefully managing your money to merit Medicaid

On Behalf of | Dec 3, 2019 | Firm News |

You’re looking at the costs of the healthcare you’ll need, and the numbers seem astonishingly high. There’s no way you’ll be able to cover those bills unless you can find some way to qualify for Medicaid.

You’ll likely need to fall under the allowed income level for Medicaid in Georgia to receive benefits, but that can sometimes come as a challenge. And just because you make more than the allotted amount doesn’t mean you can afford rising healthcare costs. Navigating the system could mean employing some money management tactics to ensure you get the coverage you need.

Trusting the process

While Medicaid may count a revocable trust among your assets, an irrevocable trust could remove funds from tallies. The tradeoff is that these funds are no longer under your direct control, which is how they can escape the clutches of Medicaid. But you can still benefit by setting up the trust to pay you income that falls within Medicaid guidelines. Trusts can later pay the remaining principal to other beneficiaries after your passing.

Accepting annuities

An annuity is often considered an investment instead of a transfer of funds, which Medicaid rules may not allow. You’re essentially entering into a long-term contract with an insurance company, beginning with a large payment. Some limitations come in the form of life expectancy, but Medicaid compliant annuities may provide regular payments that maintain your eligibility for healthcare assistance.

Meeting the qualifications for getting the help you need may seem daunting at first. But knowing how to work within the rules of Medicaid could get you the assistance paying for healthcare that you’ll need going forward.