Medicaid Asset Protection | Asset Protection is Not a DIY Job

If you have done even a little bit of research regarding Medicaid, you probably have heard the term Medicaid asset protection. This is a planning strategy to position and manage your financial assets so they are not counted against you when applying for Medicaid benefits. Because certain assets are counted by Medicaid and others are not, based on differing criteria, it can be confusing. So trying this on your own can be extremely difficult. Working with a law firm experienced in the Medicaid process will help you avoid mistakes that could lead to frustration and benefit denials.

Working with Professionals is Important For Medicaid Asset Protection

The Medicaid process involves two important things in your life: your health and your finances. This is not the time to be a Do-It-Yourselfer. There is too much on the line. An attorney who works in this area of law every day will know the system, the regulations, all the participating agencies, the pitfalls, and most important, the strategy that best helps you get qualified. It is not a cookie-cutter process. Another person’s path to eligibility might not work in your case, so following what a friend did may not be the best idea. Once you sit down with an attorney and put your asset picture on the table, he or she can draw up a strategy specific to your situation.

Navigating the Process

Medicaid is a federal program administered by each state. Within your state there are multiple agencies involved in the process. It can seem daunting and stressful to someone who is dealing with health issues and the financial strains of paying for healthcare. The law firm’s staff knows these agencies, the terminology and even may have contacts that can prove valuable along the way. Investing in professional help early in this process should allow you to rest easy that your Medicaid assets are protected and yet you can get assistance with proper healthcare.

Mortellaro Law is a Tampa law firm that works with families every day in the areas of Medicaid, VA benefits, estate planning and probate. If you would like to speak with us regarding the specifics of your situation, please reach out for a free consultation. Our team would be proud to serve you.