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Certified Elder Law Attorneys Serving New Jersey Residents since 1978.
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Why it is important to create a Medicaid plan

NAELA National Academy of Elder Law Attorneys, Inc. MEMBER

Did you know that in order to qualify for Medicaid, you first have to spend almost all of your assets? The government will only help pay for nursing home costs if you have almost no assets left to your name. This will automatically reduce the type of care and lifestyle choices you were perhaps hoping to live out your remaining years with, unless you make the smart move to secure and protect those assets through Medicaid planning.

New Jersey residents should be aware that through Medicaid planning, you have the possibility to legally protect upwards of 50 percent of your assets with proper prior asset protection planning. This is extremely important to consider, especially as Governor Christie begins to put forward his plan to expand Medicaid by 2016.

In an effort to spur on job growth and make it easier for New Jersey residents to obtain health coverage, Gov. Christie is seeking to expand Medicaid under the Affordable Care Act. While this is geared towards helping the economy and those who cannot afford health care plans, for those who plan on taking advantage of their medical benefits such as Medicaid that they earned throughout their working life, they better start planning now.

In making a solid and secure Medicaid plan, you do not need to spend all of your assets in order to be eligible for these types of public funds that should be available to you. Don't wait until it is too late and you are in dire need of protecting your assets while seeking Medicaid for nursing home costs. By then, your options will be severely limited. By making a Medicaid plan now, you will open up numerous options to support you down the road when you most need them and those assets you protected.

Source: NJBIZ.com, "Medicaid expansion could create 14,500 jobs in N.J. according to report," Mary Ann Bourbeau, Feb. 28, 2013

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