Understanding Arkansas and Missouri Medicaid Planning
Our experienced attorneys at our Joplin and Springfield, MO law firms, as well as our Bentonville, AR law firm, 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 Missouri and Arkansas nursing home care and other long-term care needs to protect your assets for the future.
How Do I Become Eligible for Medicaid Benefits?
To receive Medicaid benefits in Missouri or Arkansas, you or a loved one must meet eligibility requirements.
To qualify for benefits, you must:
- Be over the age of 64; or
- Be blind or disabled; or
- Have a child, parent, or spouse in your household who is blind or disabled.
Without the assistance of Missouri or Arkansas Medicaid coverage, you or a loved one will be held financially responsible for the monthly care costs. Our Springfield and Joplin, MO law firms can help you or a loved one protect your savings from being spent down on the high costs of long-term care in Missouri. Our Bentonville, AR law firm can help you with long-term care in Arkansas.
Medicare Vs. Medicaid: What is the Difference?
As you age, more health care support is often required for everyday tasks. Medicare and Medicaid are both government programs designed to assist individuals with growing healthcare needs in Missouri and Arkansas. There are some critical differences between Medicaid and Medicare regarding coverage, eligibility, and program processes.
What is Medicare in Missouri or Arkansas?
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 Arkansas or Missouri Medicaid?
Medicaid is a benefits program 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 for ongoing long-term care in Missouri or Arkansas nursing homes once you’ve qualified.
Understanding the Importance of Medicaid Planning in Missouri and Arkansas
Medicaid planning can be complicated. First, you must provide enough assets for your loved ones’ security at least five years before applying for Medicaid – they, too, may have a similar crisis. Second, the rules are incredibly complicated and confusing. Without planning and advice, you may end up not qualifying and spending more than you should, jeopardizing your loved ones’ security. An experienced Missouri or Arkansas 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 and Arkansas
It’s vital to understand the difference between crisis planning and non-crisis planning for Missouri and Arkansas 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, you require crisis planning in Missouri or Arkansas. Unfortunately, waiting until 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 potential needs for Missouri or Arkansas long-term care in your home or a nursing home, you can begin non-crisis planning. This type of planning is the most effective way to protect your assets from being spent down by Missouri or Arkansas’s 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 health care options in Joplin, MO, throughout Jasper County, Newton County and Greene County, and additional counties in Arkansas. Our Arkansas law firm, Joplin, MO and Springfield, MO law firm understand the legal nuances in both states.
The Law Firm of Christopher W. Dumm helps you and your loved ones understand estate planning, asset protection, probate and estate administration, elder law, Medicaid planning, special needs planning, tax planning, and business planning. We welcome you to contact our Joplin and Springfield, Missouri offices, as well as our Bentonville, AR office, 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.