Medicaid planning is the process of determining if a Maryland resident is suitable for the program. Determining eligibility involves understanding the terms of the program and reviewing personal finances. Additional strategies are used to decide if Medicaid is an available choice.
Planning for benefits
Medicaid planning is performed to review and reorganize your finances. The process includes finding the necessary documents, ensuring the accuracy of the information and filing the paperwork by the deadlines. The goal is to ensure the timely processing of your application without denials. The end result is your acceptance into the state’s Medicaid program and the receipt of monthly benefits.
Types of planning
Medicaid planning strategies include the creation of trusts and asset transfers. These techniques improve an applicant’s eligibility for Medicaid. Planning also protects your income and property from the Medicaid recovery process.
Trusts ensure that enough money is set aside in case of an injury, illness or death. An asset transfer ensures that your funds are automatically provided to a surviving spouse or family member. An irrevocable funeral trust provides funds for funeral or burial costs under terms that cannot be modified.
A financial consultation is a strategy that disqualifies some people from obtaining government benefits. Clients find out if they are eligible to avoid the acts of applying for benefits, being denied and having to appeal.
Maryland is allowed to run its own Medicaid program. Planning techniques vary from protecting assets in a trust to guaranteeing the transfer of assets between spouses. Planning includes learning more about the program requirements, determining eligibility and learning how to protect personal finances while using government benefits.