Study Shows That Medicaid Spending Will Hit $1 Trillion Within A Decade

If you are contemplating how best to support yourself in your older years and are curious about the possibility of long term care events or cognitive decline diagnoses that could be challenging for you or your loved ones, you need the support of an experienced estate planning lawyer to help you understand long term Medicaid planning. The support of a lawyer can help you put together a plan now so that if something happens to your loved one, you have the appropriate time and options to respond. Most people assume that they will receive Medicaid automatically, however, the federal program is increasingly under strain.

Medicaid expenditures are expected to average 5.7% a year in terms of growth, but this puts a significant strain on state as well as federal budgets. The fees that the government pays to private health insurance companies, as well as the premiums for management of enrollees, are some of the biggest areas with growth.

Understanding Medicaid planning and how you can be prepared to qualify for this government program sooner rather than later in the event of a long-term care problem can be especially important for individuals in all different health care situations.

Too often, people wait until they are in crisis management mode to contact an attorney about Medicaid planning and this mistake can cost you as well as your loved ones and can minimize the potential for protecting your assets as well as a spouse.

Advanced Medicaid planning looks at your entire situation and helps you to craft a plan that is most aligned with your individual needs. Only an attorney, however, who practices in the area of Medicaid planning over the long term can help.

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