What You Need to Know About Medicaid Planning

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How to Plan for Medicaid in New Hampshire

It is never too early for people to start planning for long-term care, including health care and elderly care in New Hampshire. Medicaid planning well in advance will help protect a senior’s assets and provide them with the security they need to move forward with confidence and comfort.

1. Medicaid Requirements

Medicaid is a state and federal program that is based on financial need and helps seniors without other means pay for their long-term care. While state requirements vary, federal requirements have to be observed. To qualify, a person needs to meet low-income requirements, be over the age of 65, or be disabled.

2. Finding Shelter

Sheltering finances is all about shifting assets from areas that are reportable to those that are not. This strategy allows people to receive Medicaid benefits while keeping their finances intact. It is possible to arrange finances legally by using shelters such as exempt assets, irrevocable trusts, and annuities. Sheltering countable assets is relatively common and offers a way to protect the person financially while preserving what they have worked for.

3. The Earlier the Better

Any financial transfers that may affect Medicaid benefits should be done as early as possible to avoid disqualification. States have the right to go over a person’s finances retroactively for at least a 60-month period. This can be devastating to people who do not move their money or assets soon enough to avoid being penalized.

Even dedicated savers find that long-term care is costly and can eat away a savings or retirement accounts quickly. Medicaid planning ensures seniors have a way to pay for the care they need without draining their accounts or facing financial strain.

When planning for long-term care, don’t hesitate to reach out to Home Care Assistance to learn about care solutions in your area. Our customized care plans help seniors age in place with the support they need to maintain safety, comfort, and wellness. Call us today at (603) 471-3004 to learn more about our care services including dementia and Alzheimer’s care in New Hampshire. Our dedicated Care Managers are available 24/7 and look forward to speaking with you.


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