Americans automatically receive Medicare when they begin to receive Social Security.
However, some people are faced with the fact that they will not be able to pay for health insurance, and so they need to turn to Medicaid, yet they want to ensure that they won’t be found ineligible should they own their home or have other assets.
Medicaid planning is often done in advance.
It is essential planning that many people must use to ensure that they will have the health care coverage they’ll need during their later years.
A common practice involved in Medicaid Planning is to transfer property and assets to family members in order to qualify for Medicaid. Yet, it must be taken into consideration that there are many penalties for making the transfer.
The best way to ensure that your Medicaid planning is ethical and legal is to contact an attorney who can assess your situation and give you advice on your best options.