Medicaid Attorney in Niles, Illinois
What is Medicaid planning?
What is Medicaid planning?
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Medicaid is often confused with Medicare, though they have some similarities. Both programs are government-organized, but Medicaid is a state program with federal government involvement, meaning that it is governed by two separate entities working together to administer the program.
Planning for Medicaid involves discussing what will happen to an individual’s care if their assets have been spent and they can no longer afford the costs of care. Medicaid is designed to assist with those expenses once assets are depleted. Planning is essential because it helps individuals understand how this process applies to their situation, what options they have, and what their preferences are if they find themselves outliving their assets.
Niles, IL estates & probate attorney Dana Zivkovich talks about Medicaid planning. Medicaid is often confused with Medicare, though there are key differences between the two. While both are government-administered programs, Medicaid is a state-run program with federal oversight, meaning it is governed by a collaboration of both state and federal entities.
Planning for Medicaid involves addressing what will happen to an individual’s care if their assets are depleted and they can no longer afford their healthcare costs. Medicaid is designed to provide financial assistance for care once an individual’s assets have been spent down. Planning is crucial because it helps individuals understand how Medicaid applies to their situation, explore available options, and clarify their preferences in the event they outlive their assets.
