Determining Massachusetts Medicaid Eligibility
When trying to determine your eligibility for Medicaid in the state of Massachusetts it is important to first look at your income and “countable assets.” These assets include bank accounts, investments, IRAs, annuities, and real estate. It is important to have a clear list of what assets are under your name as having too many assets can disqualify you from receiving certain Medicaid benefits.
When & How To Start The Medicaid Process
Planning for health care coverage can be done at different stages of your life, however, the best strategy when it comes to getting proper coverage is to plan ahead. While last-minute planning can be done, it is best to complete this process before any major health problems arise. Plans can be designed for married couples, single people, with or without children, and for a variety of different beneficiaries. The most important thing is that you have a plan.
The best plan for health care in Massachusetts is to get coverage when you are healthy. Planning before you need long term health care like a nursing home, assisted living, or home health care is the best option. Most of us are too busy to plan ahead we tell ourselves; we’ll get to it another time but the process is relatively easy and not time-consuming. When compared to no planning or last-minute planning it is a very straightforward and inexpensive process.
No matter if you’re healthy or sick always be organized. Have your financial and estate planning documents in a safe place accessible to your agents and family. The best idea is a fireproof safe or safety deposit box. Make sure that the people who will need the documents can get at them when they need to.
With a clear picture of a Mass health applicant’s picture, it is far easier to plan. The residence and other assets can be placed in the proper hands, trusts and transfer to a spouse, and can be protected from creditors. The process needs to be done with consideration for tax issues, beneficiaries, and healthcare costs in mind. The process must be done through properly drafted and executed estate planning documents like wills, trusts, durable power of attorney, and health care proxies.
Medicaid Assitance & Advice
While there may be many rules and regulations tied to Medicaid there are many options on the table for couples and individuals of all monetary status, for detailed information on your specific situation, call Attorney Andrew Bucklin at 781-632-8675 or contact him directly on his website to discuss your estate planning needs today.