Medicaid Planning Attorney in Cleveland, Ohio

One thing that we want everyone to know is that it is never too late to start a Medicaid plan, even if you are in a nursing home! 

Type of Medicaid Planning

• Nursing Home Medicaid
• Assisted Living Medicaid
• Home Care Medicaid

Any of these three types of Medicaid planning can fall under crisis planning, which requires immediate action and a free plan, which allows more time to plan. 

Medicaid Myths with Crisis Medicaid Planning

"If I go into a nursing home, Medicaid will take my home."

We hear that quite frequently, especially where we've got a married couple, and we're worried about where are the community spouses going to continue to live. Medicaid never takes the house. Even if I'm a single individual, there are plenty of ways to protect the home and the value of the home.

"If I give away assets or money, I have to wait five years to qualify for Medicaid."

Medicaid is a five-year audit, not a five-year forbearance. So very frequently, we are giving away assets, even immediately upon admission into a nursing home. And we're still projecting 50 to 70 percent of someone's estate even at that point.

"Once they qualify for Medicaid, all my expenses are covered by Medicaid."

Not all expenses are covered by Medicaid. Medicaid currently only allows you 50 dollars a month to cover all of those nonmedical needs out of your income. The balance of your income has to go to the care community. 

"Chances are I will never end up in a nursing home."

This is a tough one for many of us, but about 50% of people will eventually end up in a nursing home. So, it is important to make sure you have a plan. 

Free Plan- Getting Ahead of the Curve

If you are planning your Medicaid ahead of time, you will need to choose trusted individuals for complete controls of your assets. But this allows you to not have to worry about crisis planning before you are in need of care.

Learn More About Medicaid Planning with Richard A. Myers, Jr. and Associates

No matter what stage of your planning you are in, the trusted and experienced attorneys at Richard A. Myers, Jr. and Associates can help you understand your plan and help you choose the right path for you and your loved ones. 

Contact us today and learn more about estate planning in our video library.