Medicaid Planning In Tampa And Why It Is So Important As You Age

Having a Tampa estate plan is important at any age. It communicates your wishes in regard to the types of medical care you want in life-threatening situations, makes sure your personal affairs are handled properly, provides an inventory of all property and assets, and determines how they are distributed among beneficiaries in the event of your death.

One lesser-known advantage of having a Tampa estate plan is that it can help provide for long-term care needs. Our Tampa Medicaid planning attorney explains how a Medicaid trust works and the potential benefits.

Medicaid Planning In Tampa

Estate planning helps to protect you, your loved ones, and your assets, both now and in the future. This includes making plans for how you will be provided for as you age. When creating estate planning documents in Tampa, it is important to assess potential long-term care needs. This includes:

• Looking at your current health, any chronic conditions you have, any serious diseases that run in your family, and your accidental injury risks;
• Assessing what your future needs might be in terms of health care;
• Determining living arrangements for the future, such as whether you intend to age in place or may require a nursing home or other facility;
• Considering your current assets and how you will pay the high costs of any required long-term care.

Medicaid is a government program funded both federally and by individual states. It helps to provide access to quality medical care and community services to more than 76 million people throughout the country. Medicaid also covers the costs of nursing homes and other long-term care facilities.

The Benefits of Qualifying For Medicaid Services

According to the U.S. Department of Health and Human Services (HHS), nearly two-thirds of the population will eventually require long-term services and support (LTSS) as they age. Paying the high costs of this care can quickly deplete one’s life savings. Medicaid planning in Tampa helps prevent this from happening.

A Medicaid trust involves transferring ownership of certain property and assets into the hands of a trustee. You have control over how these assets are managed and distributed, but as you are no longer technically the owner, the assets your trust contains no longer count in determining Medicaid eligibility. Among the benefits you may receive by qualifying for Medicaid benefits include:

• Access to free and low-cost medical support services throughout the Hillsborough County area;
• Payment for visiting nurses and other types of home health care;
• Transportation to and from doctor appointments;
• Coverage of all prescriptions and medical devices you require;
• Coverage of all nursing home costs and any long-term or rehabilitative care needed.

Discuss Your Options With Our Tampa Medicaid Planning Attorney 

Medicaid planning helps protect your assets while addressing future needs that can arise as you age. To discuss your options, contact Strategic Counsel Law Group, L.C. Call or contact us online and request a consultation with our Tampa Medicaid planning attorney today.

Source:

aspe.hhs.gov/reports/what-lifetime-risk-needing-receiving-long-term-services-supports-0#:~:text=Seventy%20percent%20of%20adults%20who,days%20of%20nursing%20home%20care.