Estate planning is an important step to securing generational wealth, but you should also account for how you will cover healthcare costs as you age. The sooner you identify your need for medical cost assistance, the more prepared you will be.
Medicaid is different in every state, so it is crucial to have state-specific information. Here are four frequently asked questions about Delaware Medicaid planning.
1. What is Medicaid planning?
Medicaid is an income-based assistance program to help low-income individuals receive health care. Medicaid planning is a strategy intended to help you keep more of your assets to pass along to posterity while maintaining eligibility for Medicaid benefits.
2. Do I need Medicaid?
If you need help paying for doctor and hospital visits, prescriptions, lab work, medical transportation or mental health services, Delaware Medicaid may provide you with benefits.
3. Do my home and car affect my eligibility?
Delaware Medicaid considers your home and car as resources and does not factor them in when calculating your eligibility.
4. Can a trust help me qualify for benefits?
When you create a trust, you reassign ownership of assets to a trustee, like a spouse, child or grandchild. Because ownership technically lies with someone else, assets placed in a trust do not affect your benefits eligibility.
Medicaid planning can help you and your loved ones prepare for your future healthcare and quality of life, thereby reducing worry. If you do not have a plan in place, now is the time to get started.