The old cliché, “Timing is everything,” is true in many ways, especially regarding Medicaid planning. Wait too long, and you might not qualify for this assistance to help pay for an assisted living facility or nursing home for yourself or your spouse. But you don’t necessarily want to start preparing for qualification any sooner than required, either.
So when is the right time for people in the Philadelphia area to begin Medicaid planning? There's no black-and-white answer, but the elder law and Medicaid attorneys at Ruggiero Law Offices can help you work through the timeline. Here are some aspects to consider.
How Close Are You to Retirement?
Most people in their 30s and 40s don’t need to worry about Medicaid planning. But as you enter your 50s and 60s, it should be something to start thinking about. Even if you and your spouse are in good health now, you never know when a sudden accident or illness will leave you unable to live independently anymore. Without Medicaid planning in place, you could be stuck paying colossal nursing home bills. So we'd consult with you about your retirement goals and what factors need to be in place.
Consider the Lookback Period
Another issue is the five-year lookback period. When you apply, Medicaid reviews your asset transfers going back five years. Transfers like gifts and sales below market value can lead to a penalty period, during which time you cannot receive Medicaid assistance. Thus, the sooner you begin paring down your assets using Medicaid planning, the better prepared you'll be if you need help affording nursing home care.
If you believe it might be time to start Medicaid planning, a conversation with an attorney who practices this area of the law can help you determine your current and future needs. At Ruggiero Law Offices, our skilled team of attorneys and legal professionals is led by James "Jim" Ruggiero, Jr., Esq. We believe in having authentic conversations about your concerns and then crafting solutions that give you confidence about the future.