While preparing for your eventual retirement in Pennsylvania, you may have come across something called Medicaid planning. Do you need to consider adding this your estate plan?

The American Council on Aging breaks down Medicaid planning, giving you a better idea of what it is. Learn how you can utilize all the estate planning resources at your disposal.

The definition

At its core, Medicaid planning consists of professional services designed to help you prepare for applying for Medicaid in the future. Even if you do not think you will need Medicaid in the coming years, planning for it now better ensures the approval of your application should life have a different plan in store for you. For instance, you have to make sure you do not exceed Medicaid’s financial eligibility limits.

Benefits of Medicaid planning

By planning for Medicaid before you actually need it, you can save yourself a lot of time and frustration. Should it turn out that you do need federal and state assistance in the future, you could have physical or mental difficulties that make it hard for you to apply on your own. Also, planning in advance allows you to protect your assets as well as the assets of friends and family who may want to help cover the costs of long-term senior medical care.

Medicaid planning professionals

Several professionals can help you with Medicaid planning. Such professionals range from insurance agents, geriatric care managers and financial planners to long-term care ombudsmen and case managers.

This information is only intended to educate and should not be interpreted as legal advice.