Understanding Missouri Medicaid Planning
Our experienced attorneys at our Joplin and Springfield law offices can help you or a loved one protect your hard-earned assets from the high cost of long-term care. Medicaid planning allows you to supplement the cost of nursing home care and other long-term care needs to protect your assets for the future.
Medicare Vs. Medicaid: What is the Difference?
As you age, more healthcare support is often required for everyday tasks. Medicare and Medicaid are both government programs designed to assist individuals with growing healthcare needs in Missouri. There are some critical differences between Medicaid and Medicare regarding coverage, eligibility, and program processes.
What is Medicare in Missouri?
Medicare is the federally funded and state-administered health insurance program primarily designed for older individuals (65 and older). Medicare only provides coverage if you get sick, and you’re getting better. Care is given for up to 100 days, and then Medicare doesn’t “care” anymore.
What is Missouri Medicaid?
Medicaid is a benefits program that is primarily funded by the federal government and administered by each state. Unlike Medicare (which only pays for skilled nursing for up to 100 days), the Medicaid program will pay ongoing for long-term care in a nursing home once you’ve qualified.
Medicaid planning is crucial in order to qualify. First, you need to provide enough assets for your loved ones’ security – they, too, may have a similar crisis. Second, the rules are incredibly complicated and confusing. The result is that, without planning and advice, you may end up not qualifying, spending more than you should, and your loved ones’ security can be jeopardized. An experienced Missouri Medicaid planning attorney can assist you and your loved ones in navigating the Medicaid planning process for the future of your long-term care.
Crisis Medicaid Planning Vs. Non-Crisis Medicaid Planning in Missouri
It is vital to understand the difference between crisis planning and non-crisis planning concerning Missouri Medicaid needs. If long-term care is immediate, or if you or a loved one is currently in a nursing home or using home care, this refers to crisis planning. Unfortunately, waiting until the healthcare needs are immediate can lead to spending thousands of dollars on the upfront cost of care while waiting for Medicaid eligibility to be established.
If long-term care is not immediate and you have started the process of planning for the future chance of needing long-term care in your home or a nursing home, this is known as non-crisis planning. This type of planning is the most effective way to protect your assets from being spent down by the high cost of care. It also can lead to saving your loved ones from the additional stress of watching your assets dwindle while you seek healthcare options in Missouri.
The Law Firm of Christopher W. Dumm is here to help you and your loved ones understand Estate Planning, Elder Law, Probate, Special Needs Planning, Tax Planning, and Business Planning. We welcome you to contact our Joplin and Springfield, Missouri offices to learn more about how we can help meet your Medicaid planning needs.
Learn more about Medicaid by downloading our free Medicaid planning booklet today.
If you’re still looking to learn more about Medicaid, check out our page featuring the top 10 Medicaid myths. There are many myths surrounding Medicaid that can cause people to put off planning. Learn the facts today and take back control.