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. She clarifies that Medicaid is often mistaken for Medicare, though the two programs are distinct. While both are government-organized, Medicaid is primarily a state program with federal oversight, meaning that two entities work together to administer its rules and benefits.
She explains that Medicaid planning focuses on preparing for the possibility that an individual’s assets may be spent down to the point where they can no longer cover the cost of care. Medicaid is intended to assist once personal resources are depleted. Through proper planning, individuals can gain a clear understanding of how the program applies to their circumstances, the options available to them, and how their preferences can be honored if they outlive their assets.
