You have some options when it comes to applying for Medicaid in Pennsylvania. Regardless of your reason for seeking this public funding, you can handle the application yourself, use an outside firm, have the Nursing Home for it, or have an Elder Law firm take care of it. There are plenty of Medicaid planning companies that can handle your application; many of them use the allure of a free consultation to entice new clients.
One key difference between a law firm like HighPoint Law Offices that provides elder law planning and Medicaid planning companies is the legal know-how. Medicaid is a complex program with countless legal nuances, and it can be difficult for someone without a legal background to navigate the application process. Although Medicaid is a federal program, it is administered state-by-state. Having the help of someone licensed to practice law in your particular state is crucial.
Protecting Your Assets
Another important consideration has to do with your or your loved one’s assets. To qualify for Medicaid, the total value of your property and assets must not go over a certain threshold. A planning company might help you successfully apply for Medicaid, but at what cost? Many Medicaid shops work directly with nursing homes to shuffle the assets of Medicaid recipients to the nursing home as efficiently as possible. Even if that’s not the case with all Medicaid planning companies, many do not dig deep enough in their clients’ financial situations to help them keep their hard-earned property.
There are many ways you can both qualify for Medicaid and keep the vast majority of your assets. Most of the time, a trust can be created to protect your assets. There are strict rules and requirements you must satisfy in order to use a trust for asset protection, though, and a planning company is not equipped to help you do so.
To illustrate the difference between a Medicaid planning company and an experienced elder law attorney, consider your income tax return. You are free to use a basic service that will complete your tax returns in accordance with the law. You can have peace of mind that your tax obligations were completed by a professional. On the other hand, you can go to an experienced CPA who can advise you on tax-savings strategies and help you come up with a 10-year plan for your finances. Both professionals help you fulfill your legal obligations, but one can help you implement a strategic financial plan that can protect your assets.
Conclusion
Many Pennsylvanians use Medicaid to help pay for the high costs of nursing home and long-term care. Qualifying for Medicaid is a complicated process, and doing it without a knowledgeable advisor by your side puts your assets at risk. HighPoint Law Offices has spent decades helping clients implement smart, strategic estate planning solutions. We’d be honored to sit down with you and your family to make sure your future looks bright and secure. Call us at 215-997-9773 to discuss your options with our team.
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