Like most Georgians, chances are you have a parent or a close relative in a nursing home. But nursing home fees can cost an arm and a leg. Even if they have Medicare, this would only take care of a short-term home at the nursing home.
Medicaid planning is a government-funded program that targets low-income individuals. This form of estate planning focuses on helping qualified individuals pay for long-term care. Without Medicaid, these individuals would have to sell off assets to finance their nursing home care. Like most government programs, however, you must meet certain conditions to qualify for Medicaid, and this can lock potentially qualified individuals out of this program. But when exactly is the right time to kickstart the Medicaid planning process?
Taking your time can complicate matters for you
The truth is there is no such thing as the perfect time to commence your Medicaid planning process. The earliest you can start the process, the better for you. Keep in mind that your application will be subjected to up to five years of scrutiny. During this scrutiny, any questionable asset transfers could impact the outcome of the Medicaid quest.
You cannot see into the future
Generally, most people move to long-term care facilities when they develop age-related complications. However, it’s important to understand that even in your youthful years, you may sustain a catastrophic injury or develop a medical condition that justifies the need for long-term care. This underpins the importance of beginning your Medicaid planning journey at the earliest opportunity possible.
Understanding how Georgia Medicaid planning laws work can help you protect your interests and grant you control of your healthcare and financial needs.